As expected, the Bank of England raised its key rate by 75 basis points to 3 percent from 2.25 percent.
Following the decision, the pound fell against its major counterparts.
The pound was trading at 1.1206 against the greenback, 166.03 against the yen, 1.1358 against the franc and 0.8692 against the euro around 8:04 am ET.
