Bank of England Raises Interest Rate to 5%

The Bank of England raised interest rates today, Thursday, by half a percentage point, stating that "there is important news indicating that British inflation will take a long time to decline." The Monetary Policy Committee voted to raise the rate to 5% from 4.5%, marking the highest interest rate since 2008 and the largest increase in interest rates since February. The decision had the approval of 7 committee members against the objection of 2, and it comes after continued high inflation levels and wage growth since the last monetary policy meeting in May.