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The Bank of England puts its head above the parapet

It has chosen to raise interest rates—but small corrections to monetary policy are unlikely to do much good

By George Magnus  

A general view of the Bank of England, London. Photo: Stefan Rousseau/PA Wire/PA Images

For the first time in ten years, the Bank of England’s Monetary Policy Committee has decided to increase interest rates, from a record low of 0.25 per cent to a still weedy 0.5 per cent. There has been a good old brouhaha in the economics community over the last few weeks about this, and it is worth weighing the arguments even after the decision. While this 0.25 per cent rise is not a game-changing outcome,…

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