August 08, 2022

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Bank of England Makes Biggest Rate Rise Since 1995 as Inflation Soars

Bank of England Makes Biggest Rate Rise Since 1995 as Inflation Soars


LONDON—The Bank of England raised its key interest rate by a half percentage point Thursday, the largest single step in more than a quarter-century, as the central bank follows the Federal Reserve in giving priority to the fight against inflation over the risk of hurting growth.

In a statement, the bank raised its key rate to 1.75% from 1.25%. That means the bank has increased borrowing costs at six straight meetings of its monetary policy committee, its longest such streak since the late 1990s.

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