Britain raised interest rates for the sixth...

Britain raised interest rates for the sixth time since early June to try to put the brakes on inflation. The Bank of England, the central bank, raised its money market lending rate--a key interest rate at which it lends money to Britain’s commercial banks--by half a percentage point to 10.5%. The rate sets a base for virtually all British interest rates. The Treasury said the increase was a continuation of a policy of tightening credit. U.S.-based Citibank’s British subsidiary raised its base lending rate to 10.5% from 10% within minutes of the Bank of England move, leading a round of commercial bank rate increases.