LONDON—The Bank of England raised its benchmark interest rate to tame accelerating inflation, the first rate increase by a major central bank since the pandemic began.
Officials on the U.K. central bank’s Monetary Policy Committee voted eight to one to lift the BOE’s policy rate to 0.25% from a record low of 0.1%, saying the strength of the labor market meant higher borrowing costs were appropriate to keep a lid on price growth.
