Britain Raises Interest Rates to Fight Inflation
Reuters
LONDON —
Britain raised interest rates today for the second time in five days as a weaker pound made it possible for the government to act against inflation.
The Bank of England, Britain’s central bank, said it raised its money market lending rate by half a percentage point to 8.5%. This was a signal that commercial banks should make a similar increase in their key base lending rates, the equivalent of U.S. prime rates.
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