The Bank of England raised its key interest rate to 3.5% from 3% , its ninth rate rise in a row as it tries to speed inflation’s return to target after price growth hit a 41-year high in October.
The BoE’s Monetary Policy Committee said “further increases in Bank Rate” may be required to tackle what it fears may be persistent domestic inflation pressures from prices and wages.
One policymaker, Catherine Mann, wanted a bigger rate rise this month on the scale of November’s 0.75 percentage point increase – the BoE’s largest in more than 30 years – to tackle what she viewed as increased inflation risks since November.
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