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IMF: Global economy has 'proven resilient'

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London (CNN)The Bank of England raised interest rates by a quarter of a percentage point Thursday as inflation remains stubbornly high.

The move brings the main cost of borrowing for commercial banks in the United Kingdom to 5.25% — its highest level since February 2008 — and is the 14th consecutive hike since the central bank starting raising rates in December 2021.

— This is a developing story and will be updated.