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Bank of England lifts interest rates

Bank of England lifts interest rates

The Bank of England on Thursday (Nov 2) raised its main interest rate for the first time since 2007 as it tackles Brexit-fuelled inflation, and signalled more hikes lie ahead.

Policymakers voted 7-2 to tighten borrowing costs to 0.50 per cent from a record low of 0.25 per cent, as a weak pound caused by Brexit uncertainty has hiked the cost of imports into Britain and in turn sent the country's inflation rising far above the BoE's target.

Thursday's hotly-anticipated move mirrors policy tightening seen in the United States and eurozone as the global economy strengthens overall.

- Source: Agency