The Bank of England has raised the official bank rate from 0.25% to 0.5%.
The decision, which was passed by the central bank’s Monetary Policy Committee by 7 votes to 2, is the first rate rise in over a decade.
Governor of the Bank of England Mark Carney stated that Brexit negotiations would play a crucial role in shaping future monetary policy and that future rate rises were likely in order to return inflation to the Bank’s target 2%.
