The Bank of England has raised the interest rates from 0.5 per cent to 0.75 per cent today — the second rise since the financial crisis a decade ago.
Following the decision, Sterling fell as much as 0.82 per cent to $1.3020.
Governor Mark Carney and the other eight members of the bank’s rate-setting Monetary Policy Committee had been signalling that a hike is likely to come at some point this year.
Growth in the world’s fifth-biggest economy has slowed since the referendum vote in June 2016 to leave the European Union.
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