Desperate times call for desperate measures. The Bank of England, effectively the United Kingdom version of the Federal Reserve, has raised interest rates by the highest rate in 33 years. The Bank of England’s Bank Rate, or the cost of borrowing money, rose by 0.75% to 3%. According to the Monetary Policy Committee (MPC), the Bank of England voted by a majority of 7-2 to increase interest rates to 3%. U.K. Interest rates hockey stick to 3%. Source: BankofEngland The U.K. is battling with high, double-digit inflation. The economic situation has not improved in recent months. Th ...
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