Bank of England moves rates higher as expected

The Bank of England's Monetary Policy Committee voted Thursday 9 November to raise UK interest rates by 0.25 percentage points to 5.0%.

"The UK economy has recorded its fourth consecutive quarter of firm growth. Household spending has been volatile, but the underlying picture appears to be one of moderate expansion," the BoE said in a statement.

"Although unemployment has continued to edge up, the margin of spare capacity within businesses appears limited."

"It is likely that inflation will rise

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