The Bank of England hikes Bank rate by 0.25% with 7 MPC members backing the move

The Monetary Policy Committee of the Bank of England decided to increase the Bank rate by 25 basis points to 0.50% with the majority of 7 members of the MPC backing the decision.

The rate hike was widely expected by markets with inflation above the Bank’s inflation target for some time already and the UK third-quarter economic growth rate rising by 0.4%, above market expectations.  

Sterling fell 1.0% against the US Dollar in the knee-jerk reaction to the rate hike decision
 

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