It comes as inflation dipped slightly last month to 10.7 percent
Despite inflation easing last month, decision-makers said on Thursday that they are increasing interest rates from 3 percent to 3.5 percent. It is the ninth time rates have been raised since late last year as the Bank tries to get inflation under control.
The Monetary Policy Committee , which sets interest rates, said a “forceful” policy response was justified as the labour market remained tight across the month. There are also signs that inflationary pressures could stick around for longer than thought, it said. On Wednesday , the Office for National Statistics revealed that inflation had reached 10.7% – slightly lower than expectations and a reduction from the 41-year high seen in October. The MPC is tasked with trying to get inflation under control, to 2 percent if possible.
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