The Bank of England has raised interest rates, as expected by many analysts. Interest rates have risen from 0.25 per cent to 0.5 per cent, returning to the level seen prior to the rate cut in August 2016. "Today's rate rise was notable in that it was not one agreed by all policymakers, as BoE deputy governors Sir Jon Cunliffe and Sir Dave Ramsden voted against the rise," noted Paresh Davdra, CEO of RationalFX, a UK payments and foreign exchange provider. The BoE indicated that further rate rises would be gradual over the next three years. Davdra said the pound fell in response, "with analysts disappointed that this does not signal further rises in the immediate future. The BoE highlighted the impact of Brexit on the economic outlook, suggesting that this is behind the hesitation in promising future rises." Volkswagen is preparing to apply for a UK banking licence so it can continue providing finance to car buyers after Brexit, reports the FT. Currently Volkswagen's UK financial services division uses the German banking licence held by its parent company to provide car loans, but fears that EU rules allowing banks to lend across EU borders may no longer apply after Brexit. Volkswagen's loan book in the UK is currently £15 billion, the largest of the car manufacturers'  in-house financial arms. Less than a month after breaking the US$5000 milestone mark, the value of Bitcoin surged overnight to over US$7000, reports Bloomberg. The rise of the cryptocurrency has been helped by the news earlier this week that CME group, the world's largest exchange owner, will introduce bitcoin futures by the end of the year. Bitcoin is now worth more than $100 billion, after rising sevenfold over the course of this year.