BoE ups interest rate to 4.5% — industry reacts

The Bank of England’s Monetary Policy Committee (MPC) has voted by a majority of 7-2 to increase the bank base rate by 0.25 percentage points, to 4.5%.

Two members preferred to maintain the rate at 4.25%.

The MPC said will continue to monitor closely indications of persistent inflationary pressures — if there is evidence of such pressures, it confirmed that further tightening in monetary policy would be required.