Bank of England raises interest rates to 5.25%

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The Bank of England has announced a quarter-point interest rate rise, taking its base rate to a new 15-year high.
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The Bank's governor, Andrew Bailey, said the increase, the 14th hike in a row, would support the government's efforts to bring inflation rates down. 'Low and stable inflation is the foundation of a healthy economy. High inflation hurts the least well-off the most,' he said.

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