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The Bank of England has raised interest rates to 1.25pc as it takes a cautious approach to tackling inflation amid the threat of an economic slowdown.

The Monetary Policy Committee voted to raise rates by just 25 basis points, defying pressure to act more aggressively in the wake of the Federal Reserve’s biggest interest rate rise since 1994.

Governor Andrew Bailey and other policymakers are tasked with tackling the highest inflation in 40 years, with consumer prices jumping 9pc in April


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