Monetary policy committee signals that inflation risks outweigh short-term threat of recession
The Bank of England has raised interest rates by 0.5 percentage points to 2.25% in an attempt to combat soaring inflation amid the cost of living crisis.
Threadneedle Street raised its key base rate for the seventh consecutive time, judging the risk of inflation becoming persistently embedded in the economy outweighed the short-term danger of recession.
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