Bank of England raises rates to 0.75%, less sure about future moves

The BoE said inflation was set to reach around 8% in April -almost a percentage point higher than it forecast last month - and warned it could peak even higher later in the year

The Bank of England raised interest rates on Thursday for a third meeting running, as expected, but softened its language on the need for further increases from here.

Eight out of nine members of the Monetary Policy Committee (MPC) voted to raise Bank Rate to 0.75% from 0.5%, following the U.S. Federal Reserve's decision on Wednesday to raise borrowing costs for the first time since the COVID-19 pandemic.

Deputy Governor Jon Cunliffe voted to keep rates on hold, warning of a big hit to demand from higher commodity prices.

Economists polled by Reuters had expected a unanimous vote for higher rates.

The BoE said