Bank of England raises interest rates from 0.5% to 0.75%

The Bank of England voted unanimously to increase interest rates from 0.5% to 0.75%, citing a strong labor market and credit growth, reports CNBC.

Why it matters: The Bank is projecting continued "modest" growth and expects to gradually increase rates in 2019, even as Brexit uncertainty and the possibility of a "no deal" scenario loom over the UK's economy.