Bank of England raises interest rates from 0.1% to 0.25%.
The Bank of England’s monetary policy committee (MPC) of nine members voted eight to one in favour of increasing interest rates to 0.25% from 0.1%.
The central bank said all committee members other than Silvana Tenreyro supported the increase, as inflation continues to soar beyond its target rate.
Meanwhile, the central bank will also keep up its £895 billion quantitative easing programme after a unanimous vote in favour.
In my view this is a mistake, given that the hospitality sector is on its knees and that Omicron has not yet peaked.
The economy could have run hot until May/June next year.
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