BoE raises policy rate by 25 bps to 4.5% in May

Following its May policy meeting, the Bank of England (BOE) announced that it raised the policy rate by 25 basis points (bps) to 4.5% as expected. Two policymakers, Tenreyro and Dhingra, voted to keep the policy rate on hold at 4.25%.

“If there were to be evidence of more persistent pressures, then further tightening of monetary policy would be required,” the BOE repeated in its policy statement.