Pound falls after BOE decision

The British pound declined against most major currencies during trading today, Thursday, following the Bank of England’s decision to raise interest rates.

Bank of England announced today raising the official interest rate to the highest level in nearly fifteen years.

The bank’s financial policy committee voted in favor of increasing the rate from 4.25% to 4.5%, which is the twelfth time in a row that the bank has raised the official interest rate, in order to curb inflation.

In terms of trading, the British pound fell against the US dollar by 13:52 GMT, by 0.2%, to 1.2602.