Mark Carney announced today that the Bank of England’s Monetary Policy Committee (MPC) voted 7-2 to raise the interest rate to 0.5%. The increase was widely anticipated, along with the result of the vote. During the hours before the 12.00 announcement, the pound fell 1.18% against the euro and 0.75% against the US dollar.
This returns the benchmark interest rate to where it had stood between March 2009 and August 2016, when the bank cut rates in the wake of the Brexit vote. The accompanying statement continued the note of caution and highlighted that any future increases would be at a gradual pace.
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