The Bank of England raises interest rates to 3.5% and expects more hikes later, by Reuters

© Archyde.com. The Bank of England in the City of London – Photo from Archyde.com archive.

LONDON (Archyde.com) – The Bank of England raised its main interest rate to 3.5 percent from 3 percent on Thursday, the ninth consecutive hike.

The BoE’s Monetary Policy Committee voted 6-3 for the move and said that “further increases in the Bank’s interest rates” may be required to deal with what it fears will be persistent domestic inflation pressures caused by prices and wages.