The next meeting of the MPC is scheduled from October 3 to 5, 2018.
Laith Khalaf, a senior analyst at Hargreaves Lansdown, says: "Today's decision by the Bank of England to raise interest rates above 0.5% for the first time since the financial crisis is a symbolic one".
The BoE nevertheless said the economy was now operating at nearly its "speed limit", or full capacity, raising the prospect of more home-grown inflation pressure ahead.
Charlotte said: "Today's rate decision is a beacon of hope for savers, who have grown exhausted of the low rates that have plagued them for so long".
Liz Cameron, the chief executive of the Scottish Chambers of Commerce, said the raise was "disappointing" given the lack of hard evidence about the economy and Brexit uncertainty. Deposit rates might rise by about 10 bps this quarter, said bankers. "The mistake is to always wait wait wait until you have ideal certainty".
The Bank has been signalling for some time that rates will need to rise to cool inflation, which surged after the Brexit vote sent the pound plunging and still remains above target, at 2.4%.
Mortgage lender Housing Development Finance Corporation (HDFC), meanwhile, hiked home loan rates by 20 basis points.
Ohio State closes ranks as Meyer probe adds new scandal
If Urban Meyer knew of these allegations all along and didn't take the appropriate actions, he can, and should, lose his job. Ryan Day, who has been the team's offensive coordinator, will be acting head football coach while Meyer is on leave.
HSBC - Tracker mortgages will go up on Friday in line with the base rate.
People walk past the Bank of England, in London, Britain August 1, 2018.
The move marks the latest small step by a major central bank to dial back the monetary stimulus that has been supporting the global economy since the financial crisis tipped the world into recession in 2009. Developers had discussed lowering GST and setting up a "Stressed Assets Fund" to complete stalled projects by providing lastmile funding, he said adding that the government should take decisions to enhance buyer sentiment.
The Fed, which is expected to keep rates on hold at a two-day meeting that ends later on Wednesday, has already raised rates twice this year, while the Bank of England is poised to raise rates at a meeting on Thursday. "Although underlying tone of RBI statement appeared balanced, inflationary risks and outlook highlighted by the central bank indicates hawkishness".
Economy is doing fine: Expected GDP growth rate of 7.4 per cent for the year is a sign of a strong economy.
Speaking in November, he said: "Clearly it's a competitive market, banks are competing for savers and what I'd encourage savers to do is to look at the market, use that competitive pressure and if their bank is not offering them the increase then look for another back that is".
Some investors think the risk of a global trade war is another reason for caution.
John Macintosh, head of tax in for Deloitte in scotland, said: "Sub-trend growth and a cloudy outlook hardly make a compelling case for a higher United Kingdom rates".