BoE Hikes interest rates by 25bps to 0.75% as expected

In its latest monetary policy announcement, the Bank of England (BoE) opted to raise the benchmark UK interest rate by a further 25bps to 0.75% from 0.50%, as had been widely expected. GBP’s kneejerk reaction was to drop sharply as a result of only eight on nine Monetary Policy Committee (MPC) members voting to raise interest rates (versus expectations for nine). MPC member John Cunliffe voted to leave rates unchanged at 0.50%.

to be updated…