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Bank of England raises interest rates to 1.25% to tackle inflation

BoE hikes rate for fifth time in a row by 0.25 percentage points

The Bank of England has raised interest rates for a fifth time in succession to tackle soaring inflation despite growing fears over the strength of the economy.

In a move widely anticipated by City economists, the Bank’s monetary policy committee (MPC) voted to increase its key base rate by 0.25 percentage points to 1.25%.

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