The Bank of England raised its policy rate by 25 basis points today (June 16), opting not to increase the pace of tightening despite inflation nearing double digits.

Six of the nine members of the BoE’s monetary policy committee voted for the action, noting some signs that demand may be slowing. However, these members said the UK’s “tight” labour market and “robust cost and price pressures” demanded some tightening, minutes of the meeting show.

The remaining three members voted to raise the