The Bank of England finally raises interest rate after inflation dodges 3%

The Bank of England finally raises interest rate after inflation dodges 3%

The September inflation rate was just low enough to spare Bank of England (BoE) Governor, Mark Carney, from having to write to the Chancellor and helped spur the first interest rate rise in a decade. Every year the Chancellor of the day gives the BoE an inflation target to meet and ever since Gordon Brown changed the inflation index used to the Consumer Prices Index (CPI), that target has been 2%…