Bank of England makes historic rate hike despite 'very challenging' outlook

Summary by Ground News

The Bank of England raised interest rates to 3% on Thursday from 2.25%. It pushed back against expectations for further steep hikes, saying Britain faces a long and painful recession. The pound slid briefly below $1.12 after the decision as the central bank said it might raise interest rates again.

Published 3 months ago

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Reuters

Bank of England makes historic rate hike despite 'very challenging' outlook

By David Milliken and Andy Bruce

3 months ago·United Kingdom

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Global News

Bank of England makes historic rate hike amid ‘very challenging’ economic outlook - National

The BoE estimates that Britain's economy entered recession in the third quarter of 2022 and that the recession will last until the middle of 2024.

3 months ago·Toronto, Canada

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Channel News Asia

Bank of England makes historic rate hike despite 'very challenging' outlook

LONDON: The Bank of England (BoE) raised interest rates to 3 per cent on Thursday (Nov 3) from 2.25 per cent, its biggest rate rise since 1989 as it warned of a "very challenging" outlook for the economy. The central bank forecasts inflation will hit a 40-year high of about 11 per cent during the current q

3 months ago·Singapore

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Gulf News

Bank of England makes historic rate hike despite ‘very challenging’ outlook

The central bank forecasts inflation will hit a 40-year high of around 11%

3 months ago·Dubai, United Arab Emirates

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Arab News

Bank of England makes historic rate hike as UK faces recession

Thu, 2022-11-03 16:27 LONDON: The Bank of England raised interest rates to 3 percent on Thursday from 2.25 percent, its biggest rate rise since 1989, but it pushed back against expectations for further steep hikes, saying Britain faces a long and painful recession, according to Reuters. The pound slid briefly below $1.12 after the decision as the central bank said it “might” raise interest rates again because of a “very challenging” economic o…

3 months ago·Riyadh, Saudi Arabia

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