BoE hikes rates for first time in 10 years
Pound falls more than 1% against dollar and euro following long-awaited decision on interest rates
The Bank of England raised UK interest rates for the first time in more than a decade on November 2, hiking base rates by 25 basis points to 0.5%.
The Monetary Policy Committee (MPC) voted by a majority of 7–2 to raise the main landing rate for the first time since 2007, in a move that reversed the BoE’s decision of August 2016, when it eased monetary policy in the aftermath of the UK’s vote to leave the European Union.
The central bank expects interest rates to rise gradually over the next
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