Bank of England raises bank rate by 0.25%

The Monetary Policy Committee (MPC) of the Bank of England voted on 5 July to raise the official bank rate by 0.25% to 5.75%. The previous change in bank rate was an increase of 0.25% to 5.5% on May 10 this year.

This latest rise was the fifth in eleven months, taken rates to their highest level in six years, and was widely expected in the City of London. In addition, most observers expect the Bank to continue raising rates.

Output growth in the United Kingdom remains firm and appears to be de