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Bank of England increases interest rate for first time in almost a decade and pound falls sharply

GBPUSD News by Newsroom on 08:14 November 02, 2017 EST
The BoE sets the rate at 0.5%, first hike since the financial crisis in 2008. 7 members of the committee agreed and 2 dissented.

The pound drops sharply by almost a cent just seconds after the release against the US dollar. It trades barely above 1.31.

It was expected for the BoE to increase the base rate a quarter of a point from its historic low at 0.25%. The Asset Purchase Facility remains operational as all members agreed to maintain this policy unchanged.