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The central bank made its eighth interest rate hike in less than a year, taking its benchmark rate to 3%, the highest it has been since November 2008. The huge hike matches moves made by the US Federal Reserve on Wednesday and the European Central Bank last week.
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“Inflation is too high, and it’s the bank’s job to bring it down,” Governor Andrew Bailey said at a press conference after the announcement. “If we do not act forcefully now it will be worse later on.”
https://www.cnn.com/2022/11/03/economy/bank-of-england-interest-rates/index.html
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