Published 1 year ago

Bank of England raises its benchmark rate by 75 basis points, its biggest hike in 33 years

Summary by Ground News

The Bank of England has raised interest rates by 0.75 percentage points to 3% to calm inflation that has soared this year in response to spiralling energy and food bills. The decision is aimed at taming inflation ahead, some of which will be attributed to the mini-budget announced by the Truss government in September. It was widely anticipated by financial markets as major central banks double down.

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Times of India

BOE raises key interest rate by 75 bps, its biggest hike in 33 years

The central bank forecasts inflation will hit a 40-year high of around 11% during the current quarter, but that Britain has already entered a recession that could potentially last two years - longer than during the 2008-09 financial crisis.

1 year ago·India

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News18 India

Bank of England Raises Interest Rate to 3%, Highest in Over Three Decades

In a bid to control the rising inflation in the United Kingdom, the Bank of England has hiked the interest rate to 3% from the existing 2.25%.

1 year ago·India

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The Guardian

Bank of England hikes interest rates to 3% in biggest rise since 1989

The Bank of England has increased the cost of borrowing by 0.75 percentage points – to 3%, despite predicting that higher interest rates would push the

1 year ago·London, United Kingdom

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The Independent

Bank of England confirms biggest interest rate hike since 1980s

The UK could be facing the longest period of recession since reliable records began

1 year ago·London, United Kingdom

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Reuters

Instant view: Bank of England raises interest rates

LONDON - The Bank of England raised UK interest rates to 3% on Thursday in its largest rate hike since 1989 and warned of a "very challenging outlook" for the economy. Investors had fully priced in the possibility of a three-quarter point increase. Money markets showed traders now expect UK rates to peak at 4.6% by next September, compared to expectations of 4.8% just two days ago. The

1 year ago·United Kingdom

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