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BoE raises rates by 25 basis points again but says ready to act forcefully

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Reuters UK

By Andy Bruce and William Schomberg LONDON (Reuters) – The Bank of England raised interest rates by a further quarter of a percentage point on Thursday but said it was ready to act “forcefully” to stamp out dangers posed by an inflation rate heading above 11%. A day after the U.S. Federal Reserve raised rates by the most since 1994 with a 75 basis-point hike, the BoE stuck to its more gradual approach as it warned that Britain’s economy would shrink in the April-June period. The nine-strong Monetary Policy Committee voted 6-3 for the 25 basis-point hike in Bank Rate to 1.25%, the same breakdow…

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