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Bank of England Raises Interest Rates
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LONDON–The Bank of England raised its benchmark interest rate to 0.25%, making it the first major central bank to lift borrowing costs since the pandemic began.
Officials on the U.K. central bank’s Monetary Policy Committee voted eight to one to lift the BOE’s policy rate to 0.25% from a record low of 0.1%, saying the strength of the labor market meant higher borrowing costs were appropriate to keep a lid on price-growth.
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