Bank of England raises benchmark rate to 3 pct, highest level in 14 yrs

LONDON, Nov. 3 (Xinhua) -- The Bank of England (BoE) on Thursday raised its benchmark interest rate by 75 basis points to 3 percent, its highest level since November 2008, to battle the current double-digit inflation.

At its meeting on Wednesday, the BoE's Monetary Policy Committee (MPC) voted in favor of the increase by a majority of 7-2.

Since December 2021, the BoE has increased its benchmark rate from