the bank of england decided to lift interest rates by a half point in a contested decision as the uk central bank joins peers across the globe in trying to bring inflation down by quelling demand the vote was 5to4 with three members calling for a 75 basis point hike while one voted for a quarterpoint increase the us federal reserve on wednesday opted for a 75 basis point hike as did the swiss national bank earlier on thursday the norges bank increased rates by a half point while the bank of japan kept rates unchanged the bank of england unanimously agreed to begin reducing the size of its balance sheet with a plan to reduce it by gbp80 billion over the next 12 months the pound wavered in the aftermath of the decision but was higher on the day at 11312 vs 11271