Bank of England raises interest rates to 4.25%

Aljazeera reported that the Bank of England (BoE) has raised interest rates by a further quarter of a percentage point and says it expects the surge in British inflation to cool faster than before despite a surprise jump in price growth last month.

The United Kingdom’s central bank on Thursday raised its benchmark bank rate by 25 basis points to 4.25 percent. The BoE’s nine rate-setters voted 7-2 for the decision as they sounded more upbeat about the outlook for the country’s sluggish economy.