Mubasher: The Bank of England (BoE) on Thursday announced that it will increase interest rates by 0.25% for the first time since the financial crisis to curb high inflation rates.
Base rate has been raised to 0.50% for the first time since 2017, after the UK inflation rate, as measured by the consumer prices index (CPI), stood at 3% in September.
The BoE has kept its program of UK government bond buying at GBP 435 billion and its corporate bond purchases at GBP 10 billion.
Seven members of the Monetary Policy Committee (MPC) has voted in favour of lifting interest rates, against two votes.
By 12:05 pm GMT, the British pound sterling slipped 0.9% to $1.3131.
