https://sputnikglobe.com/20220505/bank-of-england-raises-interest-rate-to-one-per-cent-1095284909.html

Bank of England Raises Interest Rates to 13-Year High as Inflation Expected to Top 10 Percent

Bank of England Raises Interest Rates to 13-Year High as Inflation Expected to Top 10 Percent

Sputnik International

The hike comes as a response to growing inflation and rising fuel and food prices. 05.05.2022, Sputnik International

2022-05-05T11:04+0000

2022-05-05T11:04+0000

2023-05-28T15:19+0000

bank of england

interest rates

interest rates

united kingdom (uk)

https://cdn1.img.sputnikglobe.com/img/107851/82/1078518235_0:86:1600:986_1920x0_80_0_0_4291f43c724283f0d81333c4b6551985.jpg

The Bank of England announced it raised its key interest rates to 1 percent on Thursday, reaching the highest level in 13 years. The bank also said that inflation is expected to exceed 10 percent this year.The Monetary Policy Committee voted 6-3 to increase the rate. All three members who voted against the proposal preferred to raise it even higher to 1.25%, the bank said.At the same time, the key interest rate may reach 2.5 percent by the second quarter of 2023, UK authorities say. The BoE's move comes after the US Federal Reserve also increased interest rates by 0.5%, constituting the biggest raise in 20 years.The interest rates were raised in the UK after many Britons suffered from skyrocketing energy bills. The perturbations in the fuel market came after Washington, London and Brussels imposed sanctions against Moscow, citing the special military op in Ukraine.In response, Russia announced it would only trade gas for rubles, which created a split among Europeans, with many countries saying they won't be able to switch away from Russian fuel.

united kingdom (uk)

2022

News

en_EN

bank of england, interest rates, interest rates, united kingdom (uk)