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Interest Rate Rise

In a statement released today, the Bank of England declared that interest rates would be raised to 4.5%.

The primary objective of the Bank of England's Monetary Policy Committee (MPC) is to set monetary policy that meets the 2% inflation target while also promoting sustainable growth and employment. Following its meeting on May 10, 2023, the MPC voted 7-2 in favour of increasing the Bank Rate by 0.25 percentage points, bringing it up to 4.5%.

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