Bank of England raises interest rates for 12th consecutive time, sees slow inflation fall.

The Bank of England has raised interest rates by 25 basis points and revised its economic projections to exclude the possibility of a UK recession this year. The MPC voted 7-2 in favor of the quarter-point hike, taking the main Bank rate from 4.25% to 4.5%, as the Bank reiterated its commitment to taming stubbornly high inflation. The MPC no longer expects the UK economy to enter recession this year, according to the updated growth forecasts in its accompanying Monetary Policy Report.