The Bank of England decided to vote to raise interest rates by a quarter point in its meeting moments ago, to reach 1.25%, as are expectations for the fifth consecutive meeting, in the largest increase since January 2009.

The interest report issued by the bank stated that the members of the bank voted by a majority of 6-3 to raise interest rates by 25 basis points, while the three members voted to raise interest rates by half a point.

The interest statement issued by the bank stated that the gross domestic product was weaker than expectations in April, and the bank expects the gross domestic product to decline by 0.3% in the second quarter as a whole, which is weaker than the expectations in the May report.

The inflation index represented in the annual consumer price index rose to 7% in March and to 9% in April, which is higher than what was expected in May. Inflation is expected to rise and approach 11% in October with the expected rise in household energy prices.

The British pound reacted strongly negatively after the meeting, as we mentioned in the morning report that any raise less than 50 basis points will be negative, as it is now trading at 1.2050 levels against the US dollar.