Bank Of England Hikes Interest Rate By 25 Basis Points Despite Banking Upheaval

The Bank of England today hiked its interest rate for the eleventh time in a row, as policymakers seek to tackle soaring inflation despite turmoil in the banking sector.

The British central bank's Monetary Policy Commitee voted at a regular meeting to lift its key interest rate by 25 basis points to 4.25 percent, the highest level since late 2008.

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