Bank of England Raises Interest Rate to 9%
LONDON — Britain raised interest rates today for the third time this month in the government’s continuing campaign to dampen a credit-fueled consumer buying spree that it fears will rekindle inflation.
The Bank of England, Britain’s central bank, raised its money market lending rate by half a percentage point to 9%. The other rises this month, also by half a percentage point each time, occurred on June 2 and June 6.
“We will not take risks with inflation,†a spokesman for the British Treasury said of the rate increase. British financial markets had been anticipating the rise since late last week.
A Bank of England spokesman said the increase was aimed at keeping credit tight to bear down on inflation.
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