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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