Experts from the Bank of England (BoE) voted to increase the UK's base interest rate on Thursday, as economists and business leaders predicted earlier in the week.
Specifically, the Monetary Policy Committee (MPC) voted to increase the rate from 0.5 percent to 0.75 percent — the highest it's been since the 2009 global economic crisis.
The central bank can alter the base rate to achieve its monetary policy objectives, primarily attempting to achieve its sub two-percent price inflation target.
Meanwhile, in another disconcerting economic development, data published in a survey on Wednesday indicated British manufacturers were scaling down production as a result of the uncertainty brought about by Brexit, and the prospect of an international trade war.
Brexit talks are continuing between the UK and Brussels, but negotiators remain deadlocked on a number of matters, including maintaining Britain’s access to the EU market once it withdraws from the customs union and single market.