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

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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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