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The Bank of England just hiked interest rates in a bid to tame decade-high inflation

The Bank of England just hiked interest rates in a bid to tame decade-high inflation
The Bank of England slashed interest rates as coronavirus hit in 2020.Maremagnum/Getty Images


The Bank of England hiked interest rates Thursday, taking them from 0.1% to 0.25%.




BoE officials are trying to tame strong UK inflation, which surged to a 10-year high in November.




The central bank hopes higher rates will cool consumer demand, by making it more expensive to borrow.


The Bank of England hiked interest rates for the first time since 2018 on Thursday, as it tries to tame the strongest inflation in 10 years.Britain's central bank raised its main interest rate from a record low of 0.1% to 0.25%, making it more expensive to borrow in an effort to cool strong demand for goods.Economists had expected the BoE to hold rates steady, given the uncertainties about the impact of the Omicron coronavirus variant, although traders were less certain.Yet policymakers at the UK's central bank felt they had to act now to stop inflation spiraling upwards. The rate rise follows data released on Wednesday that showed inflation at a decade high of 5.1% year-on-year in November.
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