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Bank of England’s shock rate hike to 1.75% is biggest in 27 years

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Britain’s central bank decided Thursday to raise its key interest rate a full half a percentage point from 1.25% to 1.75% to combat spiraling inflation.The Bank of England joined the Federal Reserve in unleashing a larger-than-expected hike – it’s biggest in 27 years – as it grapples with inflation that spiraled in June to a 40-year high of 9.4%.That’s...

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