The Bank of England (BoE) approved a third consecutive interest rate hike March 16 amid rising concerns about inflation. It’s the first time since 1997 that the central bank has raised rates three times in a row. “The (bank’s) MPC (Monetary Policy Committee) sets monetary policy to meet the 2 percent inflation target, and in a way that helps to sustain growth and employment. At its meeting ending on 16 March 2022, the MPC voted by a majority of 8-1 to increase Bank Rate by 0.25 percentage points, to 0.75 percent. One member preferred to maintain Bank Rate at 0.5 percent,” BoE said in a March 17 news release. The 0.25 percentage point increase was “warranted” due to the current “tightness” in the labor market, continuing signs of “domestic cost and price pressures,” and the risk that such pressures will continue to remain, according to the report. Further “modest tightening” …