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

Bank of England with a double-decker zooming by
The Bank of England is pictured in the City of London, on July 19, 2019. Photo: Alberto Pezzali/NurPhoto via Getty Images

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.