(SOUNDBITE) (ENGLISH) BANK OF ENGLAND GOVERNOR, MARK CARNEY, SAYING: "Today the MPC is raising bank rates by a quarter of a percent to three quarters of a percent" Bank of England Governor Mark Carney raising interest rates Thursday (August 2).

The UK's benchmark rate hitting its highest level since 2009.

It's finally back above emergency levels set more than nine years ago.

For consumers it means higher payments on mortgages and loans.

But the bank's rate-setters were unanimous about the move.

Policy makers say the British economy is operating at its 'speed limit', despite a sluggish start to the year.

They predict it will grow 1.4 percent this year, and is at risk of overheating if there's no hike.

But skeptics say the increase is premature.

They point to the uncertainty over Brexit and concerns a trade stand-off between Washington and Beijing could hit the global economy.

Reuters Andy Bruce is in London: (SOUNDBITE) (ENGLISH) REUTERS CORRESPONDENT, ANDY BRUCE, SAYING: "The British Chamber of Commerce, they think businesses, what they want at times like this, the best option is just leave things like they are.

Also there's some major banks, their view is that inflation pressure is starting to weaken not strengthen which would mean a rate hike is unnecessary, it's a big risk and something that will hurt consumers who are maybe already in debt." The world's fifth-biggest economy has slowed since the decision to leave the European Union.

And with less than eight months to Brexit, the nature of a future trading relationship remains unclear.

On Thursday (August 2), Carney signaled there'd be no hurry to raise rates further, and stressed that all bets on where the central bank's rates are headed will be off, if Britain fails to get a Brexit deal.