Bank surprises with rate rise

Bank surprises with rate rise

Interest rates rise to 4.75%

Interest rates have been raised for the first time in two years climbing by a
quarter of a percentage point to 4.75%.

The Bank of England’s Monetary Policy Committee is believed to have made the
decision to keep inflation in check, after it climbed to 2.5% in June, while
there may also have been concerns about energy costs pushing prices up.

This follows a raise in rates in the Eurozone on Thursday after the European
Central Bank announced a quarter-point increase – the fourth such hike in eight
months – taking rates to 3%.

Earlier in the week, Australia raised its rates to 6%.

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