The Bank of England (BoE) has raised interest rates by 50 basis points to 3.5%, in a split decision from the central bank's monetary policy committee (MPC).
The hike, announced today (15 December), follows the news the UK's inflation rate dropped to 10.7% in November. Six MPC members voted to hike rates by 0.5%, while two members, Swati Dhingra and Silvana Tenreyro, voted to maintain rates at 3%, and one, Catherine Mann, voted to increase rates by 0.75%. GDP projections were slightly stronger than at the MPC's previous meeting in November, with Q4 2022 GDP now expected to decline 0.1%, compared to the previously expected 0.3% decline. Meanwhile, the bank predicts that inflation will continue to "fall gradually" over the first quarter o...
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