BoE 'takes foot off the accelerator'

BoE 'takes foot off the accelerator'
Bank of England Governor Mark Carney explaining its rate increase. Pic: Getty

British interest rates rise for the first time in a decade, but Carney cautious on further rises due to Brexit

The Bank of England has raised British interest rates for the first time in more than a decade.

The bank’s Monetary Policy Committee voted 7-2 to hike the key rate from 0.25 per cent to 0.5 per cent.

Despite the increase, sterling weakened after the decision, as the bank signalled that there would be no further rate hikes for a while.

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