https://sputnikglobe.com/20221103/boe-makes-biggest-interest-rate-hike-in-over-30-years-warns-uk-facing-prolonged-recession-1103684905.html
BoE Makes Biggest Interest Rate Hike in Over 30 Years, Warns UK Facing 'Prolonged Recession'
BoE Makes Biggest Interest Rate Hike in Over 30 Years, Warns UK Facing 'Prolonged Recession'
Sputnik International
The Bank of England's eighth interest rate rise in succession was anticipated to be the largest since 1989, coming against the backdrop of skyrocketing... 03.11.2022, Sputnik International
2022-11-03T13:45+0000
2022-11-03T13:45+0000
2023-05-28T15:25+0000
world
bank of england
inflation
cost of living
recession
united kingdom (uk)
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The Bank of England (BoE) has announced its biggest interest rate hike in over 30 years in an effort to tame soaring inflation.The BoE Monetary Policy Committee’s nine members voted to jack up the key rate by 0.75 percent to reach a base rate of three percent. The BoE also warned that inflation was expected to peak at 11 percent in the current quarter, up from 10.1 percent in September.According to the Bank of England, the UK entered recession in the third quarter of this year, amid soaring global energy and goods prices.The Monetary Policy Committee's projections also stated that the UK economy was expected to be in recession for a prolonged period, with Consumer Price Index (CPI) inflation elevated at over 10 percent in the near term. Unemployment was also expected to rise, with the jobless rate reaching almost 6.5 percent by late 2025, up from the current 3.5 percent.
https://sputnikglobe.com/20221103/boe-expected-to-hike-interest-rate-to-highest-level-since-1980s-as-prospect-of-recession-deepens-1103459452.html
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bank of england, interest rate rise, soaring inflation, to tame inflation, inflation to peak at 11 percent, uk entered recession, consumer price index inflation elevated
bank of england, interest rate rise, soaring inflation, to tame inflation, inflation to peak at 11 percent, uk entered recession, consumer price index inflation elevated
BoE Makes Biggest Interest Rate Hike in Over 30 Years, Warns UK Facing 'Prolonged Recession'
13:45 GMT 03.11.2022 (Updated: 15:25 GMT 28.05.2023) The Bank of England's eighth interest rate rise in succession was anticipated to be the largest since 1989, coming against the backdrop of skyrocketing inflation.
The Bank of England (BoE) has announced its biggest
interest rate hike in over 30 years in an effort to tame soaring inflation.
The BoE Monetary Policy Committee’s nine members voted to jack up the key rate by 0.75 percent to reach a base rate of three percent. The BoE also warned that inflation was expected to peak at 11 percent in the current quarter, up from 10.1 percent in September.
"Inflation is too high. It is well above our 2% target. High energy, food and other bills are hitting people hard. If high inflation continues, it will hurt everybody. Low and stable inflation helps people plan for the future. Raising interest rates is the best way we have to bring inflation down. We know that many people are facing higher borrowing costs. In particular, many households face higher mortgage rates. And some businesses face higher loan rates. It’s our job to make sure that inflation returns to our 2% target," the bank said in its statement.
According to the Bank of England, the UK entered recession in the third quarter of this year, amid soaring global
energy and goods prices.
3 November 2022, 05:30 GMT
The Monetary Policy Committee's projections also stated that the UK economy was expected to be
in recession for a prolonged period, with Consumer Price Index (CPI) inflation elevated at over 10 percent in the near term. Unemployment was also expected to rise, with the jobless rate reaching almost 6.5 percent by late 2025, up from the current 3.5 percent.
