Bank of England raises bank rate to 0.75%

At its meeting on the 16th March, the Monetary Policy Committee voted by a majority of 8-1 to increase Bank Rate by 0.25 percentage points, to 0.75%.

Given the current tightness of the labour market, continuing signs of robust domestic cost and price pressures, and the risk that those pressures will persist, the Committee judged that an increase in Bank Rate of 0.25 percentage points is warranted at this meeting.

Source: Bank of England