This file photo taken on March 21, 2017 shows people walking past The Bank of England in the City of London. Bank of England holds interest rate at record low 0.25%, it was announched Thursday, June 15.
/ AFP / BEN STANSALL
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Signaling that inflation is overtaking Brexit-related slowdown as an economic risk, Bank of England policymakers said they're headed toward raising interest rates for the first time in more than a decade.The statement came alongside the latest policy decision, which saw the committee, led by Governor Mark Carney, vote 7-2 to hold the benchmark rate at 0.25 percent.The BOE now sees the rate of price gains exceeding 3 percent next month and remaining above the 2 percent target for years.The odds on a 25 basis-point-rate increase by November rose to about 50 percent following the announcement compared to 40 percent just beforehand.In June 2014, he said that rates could rise sooner than markets expected, though the BOE never followed through, ultimately loosening policy two years later after the Brexit vote.
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