The regulator has hiked interest rates to highest in 14 years The Bank of England (BoE) on Thursday raised the benchmark interest rate for a ninth time in a row this year, in an effort to combat double-digit inflation in the country. The Monetary Policy Committee (MPC) voted to increase the cost of borrowing by 50 basis points to 3.5% after the consumer price index showed annual inflation of 10.7% last month. The hike takes UK rates to their highest level since October 2008 and comes despite expectations that the nation is falling into a lengthy recession. It marked a slowdown, however, in the pace of rate rises,
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