Published 09/21/2023 11:02:56 a.m.

Bank of England ends run of 14 straight interest rate hikes after cooler-than-expected inflation

The Bank of England has recently halted its streak of interest rate hikes as new data reveals that inflation is lower than expected. This comes after a consistent increase in interest rates since December 2021, which aimed to control inflation.
The decision to pause the interest rate hiking cycle was influenced by lower-than-expected U.K. Inflation figures for August. The annual rise in the consumer price index was lower than predicted, dipping to 6.7% from 6.8% in July. Core inflation also dropped from 6.9% to 6.2%.
The Bank of England had to carefully balance its efforts to bring inflation under control with the risk of pushing the strong economy into recession. The recent decline in core inflation suggests that the previous rate hikes were effective, and further increases could jeopardize the fragile economy.

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Times of India

Bank of England halts run of interest rate hikes as economy slows

The Bank of England has decided to pause its series of interest rate increases due to a slowdown in the British economy. Despite a recent fall in inflation, the bank is not taking it for granted. The Monetary Policy Committee voted 5-4 to keep the Bank Rate at 5.25%. The bank also cut its forecast for economic growth and noted weakness in the housing market. The decision to pause rate hikes follows the US Federal Reserve's decision to keep borro…

09/21/2023 11:05:00 a.m.·India

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The Independent

UK interest rates stay at 5.25% in surprise move by Bank of England

The Bank of England announcement comes after inflation unexpectedly fell this week

09/21/2023 12:08:30 p.m.·London, United Kingdom

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NDTV

Bank Of England Holds Key Interest Rate At 5.25% After 14 Hikes

The Bank of England on Thursday held its key interest rate at 5.25 percent following 14 hikes in a row to fight soaring inflation.

09/21/2023 11:21:28 a.m.·New Delhi, India

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Associated Press News

Bank of England joins US Fed in keeping interest rates unchanged after inflation declines

LONDON (AP) — The Bank of England on Thursday joined the U.S. Federal Reserve in pausing interest rate increases after a surprising fall in U.K. inflation eased concerns about the pace of price rises. In a development that few predicted just two days ago, the central bank kept its main interest rate unchanged at a […]

09/21/2023 9:09:01 a.m.·United States

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Daily Mirror

Bank of England pauses interest rates at 5.25% - what it means for your money

The Bank of England has paused its base interest rate at 5.25% today - here we explain how the base rate affects your money - from mortgages to savings, and loans

09/21/2023 11:02:44 a.m.·London, United Kingdom

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abc News

Bank of England joins US Fed in avoiding another interest rate hike after inflation declines

The Bank of England has paused nearly two years of interest rate increases after a surprising fall in U.K. inflation eased concerns about the pace of price rises

09/21/2023 9:09:01 a.m.·United States

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