Bank Of England Lifts Rate To 13-year High On Inflation Fears

Despite weak growth prospects, the Bank of England decided to hike its key rate by a quarter-point to a 13-year high as policymakers try to bring inflation, which is now expected to peak above 10 percent this year, back to the target. The nine-member Monetary Policy Committee, led by Governor Andrew Bailey, raised the key bank rate to 1.00 percent from 0.75 percent, in a split vote.