Breaking: BOE raises its policy rate to 4.25 percent in March

The Bank of England (BOE) declared following its policy meeting in March that the policy rate was increased as anticipated by 25 basis points (bps) to 4.25%. Tenreyro and Dhingra, two policymakers, vote to keep the policy rate at 4%.

The BOE stated in its policy statement that more tightening of monetary policy would be necessary "if there were to be signs of more persistent pressures."

For more, follow our world interest rate market reaction.

Description of our market response

After the BOE's policy statements, GBP/USD is finding it difficult to make a clear move in either direction. At the time of writing, the pair was trading at around 1.2300, somewhat higher than the day before.