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In a first since 2007, Bank of England set to raise rates to 0.5%

A BoE rate hike would follow the pattern set by the US Federal Reserve and to an extent by the European Central Bank

Reuters  |  London 

The Bank of England (BoE) looks set to raise interest rates for the first time in more than 10 years on Thursday, despite economic growth appearing weaker than before any other increase in borrowing costs in the past 20. Almost all economists polled by Reuters expect the BoE to raise base rates to the 0.5 per cent they stood at from March 2009 until August last year, when they were halved to 0.25 per cent after Britons voted to leave the European Union. Britain's annual growth is running at its weakest in four years, but with inflation hitting a five-year high of 3.0 per cent ...

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First Published: Thu, November 02 2017. 09:44 IST