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Bank of England Raises Interest Rates for First Time in a Decade

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11/02/2017 | 01:23pm CEST
By Jason Douglas and Paul Hannon 

The Bank of England raised its benchmark interest rate Thursday, a telegraphed move that represents the latest small but significant step by the world's major central banks to withdraw crisis-era stimulus.

The BOE lifted its policy rate to 0.5%, from 0.25% previously, and signaled two more increases are likely through the end of 2020.

The U.K. central bank's move comes a day after the U.S. Federal Reserve signaled that it is poised to raise short-term interest rates for the fifth time since 2015 next month, and a week after the European Central Bank confirmed that it will begin to dial back the pace of its bond-buying program in January.

The U.S. and eurozone economies are growing at their healthiest rates for years, part of a synchronized upswing that has taken hold for the first time since the global financial crisis.

The U.K., though, is lagging behind. BOE officials say that's a consequence of the uncertainty generated by last year's vote to leave the European Union.

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