The Bank of England’s decision to raise rates as akin to the ECB’s 2011 hike amid crisis

Despite the uncertainty surrounding Brexit, this morning the Bank of England decided to raise UK base rates from 0.50% to 0.75%. This is the first time that the British central bank has put interest rates up to the last crisis level before the reduction in March 2009, when it dropped its base rate from 0.75% to 0.50%. There were no dissents.

The central bank premised its decision on the need to curb persistently high inflation, which has eaten away at British wages since the financial crisis. B...


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