The Bank of England raises interest rates to 3.5% and expects further hikes thereafter, according to Reuters

LONDON (Reuters) – The Bank of England raised its main interest rate to 3.5% from 3% on Thursday, for the ninth consecutive time.

The Bank of England’s Monetary Policy Committee voted 6-3 in favor of the move and said “further increases in Bank interest rates” may be needed to address what it fears will be persistent domestic inflationary pressures caused from prices and wages.