BAnk of England is the first major central bank to decide to raise interest rates. Against the Czech National Bank, which has raised its key repo rate from 0.25 per cent to 2.75 this year, that is a change from 0.1 to 0.25 per cent in Britain. However, economists consider this move as a turning point. It is an admission that inflation will not go away on its own. It is time to change the approach to monetary policy, which has in fact been very loose throughout the period since the 2008 financial crisis.
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