Bank of England boosts interest rate to 13-year high as inflation soars

The Bank of England raised interest rates for a fifth straight meeting, placing them at the highest in 13 years, and sent its strongest signal yet that it’s prepared to unleash larger moves if needed to tame inflation. The nine-member Monetary Policy Committee voted 6-3 to increase the benchmark lending rate by 25 basis points to 1.25 per cent. A minority of officials maintained their push for a move of double that size.

Policy makers led by Governor Andrew Bailey hinted that they may join a growing global trend for larger hikes if inflation continues to soar, saying “it would be