Bank of England raises interest rates to 4.25%

The Bank of England's Monetary Policy Committee voted on Thursday 6 May to raise the Bank's repo rate by 0.25 percentage points. In a statement the MPC said although inflation was likely to remain below the 2% target in the near term inflationary pressures are likely to build.

The global economic upswing has been maintained. In the United Kingdom, output growth has been at or above trend and business surveys are consistent with further strengthening. Retail spending continues to be robust, und

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