Bank of England hikes interest rate to 13-year high

By Tuba Sahin

ANKARA (AA) – The Bank of England (BoE) on Thursday raised its interest rate by 25 basis points to 1%, the highest level since 2009.

Six of the Monetary Policy Committee's nine members backed the move, while three voted for a hike of 50 basis points, the BoE said in a statement.

Annual consumer inflation in the UK hit its highest-ever level of 7% in March.

In March, the BoE hiked interest rates by 25 basis points to 0.75% from 0.50%.