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BoE lifts rate for first time since 2023
LONDON: The Bank of England raised its benchmark interest rate to four percent on Thursday, the first increase in more than three years, as soaring energy costs push up global inflation. The BoE warned UK inflation risked hitting 6.2 percent in the third quarter of next year from 3.5 percent currently, in a worst case scenario of oil prices soaring far beyond $100 a barrel because of the Middle East conflict. At the same time, the central bank upgraded its economic growth forecasts for this year and next, driven by “strength in business investment” which “partly reflects strength in AI-related...
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