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The Bank of England has raised interest rates for the first time in more than three years, in response to calls to tackle surging price rises. The increase to 0.25% from 0.1% followed data this week that showed prices climbing at the fastest pace for 10 years. It came despite fears the Omicron variant could slow the economy by causing people to spend less. The Bank’s action is set to increase the mortgage costs of some homeowners. Bank governor Andrew Bailey said it needed to tackle strong inflationary pressures building up in the economy. Inflation is now running at 5.1%,…