Bank of England raises interest rate by 25 basis points

The Bank of England has announced that it raised the policy rate by 25 basis points (bps) to 5.25% following the August policy meeting, Report informs referring to FXStreet website.

This decision came in line with the market expectation.

In its policy statement, the BoE reiterated that it will ensure that the bank rate will stay "sufficiently restrictive for sufficiently long" to return to the inflation target.