Bank of England Raises Interest Rates

In an expected move, The Bank of England has raised interest rates to the highest level in almost a decade. The bank issued a statement saying the first quarter slowdown in UK growth was temporary.

Members of the Monetary Policy Committee voted unanimously for a 25 basis point increase, which takes the BoE’s benchmark interest rate to 0.75 per cent, the highest level since 2009.

-RW