The hike — the 12th in a row — puts more pressure on borrowers
The BoE is the first central bank in a major economy to raise interest rates since the pandemic began
A bigger than foreseen increase in consumer spending has lifted the U.K. above Italy
The central bank halted dividend hikes for lenders last March before loosening restrictions in December
The bank is projecting economic growth of 7.25% for the U.K. in 2021
The new currency would exist alongside cash and bank deposits
British economy nearly 10% smaller than in 2019
Monthly data indicated the economy began to bounce back in June
EU leaders will hold a virtual summit Thursday to discuss a financial aid package
“The public demands fast action,” said the central bank’s new governor