The central bank highlights inflation risk.
The Bank of England says that the conditions it put in place for a rate rise have been met.
Chris Giles.
37 minutes ago
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The Bank of England raised its interest rates from 0.1 per cent to 0.25 per cent in order to protect itself from the risks of inflation.
The Monetary Policy Committee of the bank decided to raise interest rates on Thursday after surprising financial markets for the second month in a row.
The BoE said that the strength in the economy meant that the conditions it had put in place for a rate rise had been met and the effects on inflation of Omicron were not clear at this stage.
It said it expects UK inflation to rise to 6 per cent in the spring.
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