The Bank of England has raised interest rates from 0.1 per cent to 0.25 per cent in its first increase in more than three years, saying that the risks of inflation required it to take pre-emptive action even as the UK is engulfed by the Omicron wave of coronavirus.
Surprising financial markets on Thursday for the second consecutive month and voting 8-1 in favour of higher interest rates, the bank’s Monetary Policy Committee decided it could no longer wait before seeking to cool spending in the economy.
The BoE said that the strength in the labour market and signs that inflation was becoming more persistent were enough to require an immediate tightening of monetary policy in order to bring inflation down in the medium term.
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