Bank of England set to raise rates again as inflation heads for 10%
27 Articles
27 Articles
Bank of England hikes interest rates again as inflation heads towards 11%
By Anna Cooban, CNN BusinessThe United Kingdom’s central bank has hiked interest rates for a fifth time since December in a bid to tame spiraling inflation.The Bank of England said on Thursday that it would raise the cost of borrowing by 25 basis points to 1.25% despite fears that soaring prices are squeezing households and weighing on economic growth.“Bank staff now expect GDP to fall by 0.3% in the second quarter as a whole, weaker than antici…
Bank of England under pressure to aggressively raise rates
The Bank of England is under pressure to raise interest rates more aggressively amid concern that the quarter-percentage-point hike expected Thursday will do little to combat price increases that have pushed inflation to a 40-year high.
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