Strong Global Economy Moves Bank of England to Raise Rates
The Central Bank's Monetary Policy Committee (MPC) raised Britain's short-term rate by 0.25 percent, moving it from 5.00 to 5.25 percent.
The nine member MPC is said to have based their decision on rising retail sales, continued housing price increases and favorable labor market conditions. Various independent surveys reviewed by the committee reported marked increases in economic confidence measures.
Minutes from this MPC meeting will be published on September 22, 1999.