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BOE Hikes Rate to Pre-Covid Level But Tempers Policy Outlook

  • Officials voted 8-1 to raise rates; Cunliffe backs no change
  • MPC softens wording on more hikes; says ‘might be’ appropriate
The Bank of England in the City of London, U.K.

The Bank of England in the City of London, U.K.

Photographer: Chris Ratcliffe/Bloomberg
Updated on

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The Bank of England raised its key interest rate for the third successive policy meeting, taking borrowing costs back to their pre-pandemic level and warning the war in Ukraine may push inflation well above 8% later this year.