The Bank of England decided to lift interest rates by a half-point to the highest level since 2008 in a contested decision, as the U.K. central bank joins peers across the globe in trying to bring inflation down by quelling demand.

The vote was 5-to-4 to bring rates to 2.25%, with three members calling for a 75-basis-point hike while one voted for a quarter-point increase. It was the seventh consecutive rate hike for the U.K. central bank.