The Bank of England raises interest rates to 0.5% from 0.25%

The Bank of England’s monetary policy committee (MPC) of nine members voted five to four in favour of increasing interest rates to 0.5% from 0.25%.

It is the second increase in three months. 

The central bank said the minority of four members – Jonathan Haskel, Catherine Mann, Dave Ramsden and Michael Saunders – all voted for an increase to 0.75% instead.

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