Bank of England raises interest rate to 0.25% amid inflation surge

The Bank of England (BoE) became the first major bank globally to raise interest rate from 0.1% to 0.25% amid rising inflation triggered by the pandemic. BoE said inflation rate is likely to hit the 6% mark by April, which is three times its target level. "There are signs of greater persistence in domestic cost, price pressures," BoE said.