BoE hikes interest rates by 25 bps to 1.25%

The Bank of England (BoE) announced its monetary policy decision this Thursday and hiked rates for the fifth consecutive time to curb soaring inflation. The nine-member Monetary Policy Committee (MPC) voted 6-3 for the 25 bps hike in the bank rate to 1.25%, with the minority – Catherine Mann, Jonathan Haskel and Michael Saunders – voting for a 50 bps increase. The UK benchmark rate is now at its highest since January 2009.