BoE raises Bank Rate by 50bps to 3.50% as expected, by 6-3 vote. Two members, Swati Dhingra and Silvana Tenreyro voted for no change. On the other hand, Catherine Mann voted for 75bps hike.
The “majority” of the MPC judged that “should the economy evolve broadly in line with the November Monetary Policy Report projections, further increases in Bank Rate may be required”.
It’s also reiterated that “The Committee continues to judge that, if the outlook suggests more persistent inflationary pressures, it will respond forcefully, as necessary.”