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BoE raises base rate to 5.25%

The Bank of England’s Monetary Policy Committee has voted to increase the base rate 0.25 percentage points to 5.25%.

Industry pundits largely expected the MPC to hold rates in Janaury, before a predicted rate rise in February.

The last interest rate rise was in November.

The MPC says an increase in interest rates to 5.25% was necessary to bring CPI inflation back to the target in the medium term.

The minutes of the meeting will be published Wednesday January 24.

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