US EditionBank of England surprises with 50-basis-point rate hike to tackle persistent inflation
- The Bank of England is expected to raise interest rates from 4.5% to a likely rate of 4.75% or possibly 5% later today, in a bid to tackle rising inflation, following official data showing inflation was stuck at 8.7% in May. Prime Minister Rishi Sunak is due to give a speech after the decision recommitting to halving inflation by the end of the year.
- Homeowners may face further increases of mortgage payments as a result of the interest rate rise, with over 1.
82 Articles
82 Articles
Bank of England hikes rates to 5% in surprise move to tackle stubborn inflation
The Bank of England surprised many investors by raising interest rates half a percentage point on Thursday, saying there had been "significant" news suggesting Britain's persistently high inflation would take even longer to fall.
UK recession fears mount after Bank of England hikes borrowing rates by more than expected
On a busy day for central bank action in Europe, the Bank of England said its nine-member Monetary Policy Committee decided to lift its main interest rate by half a percentage point to a fresh 15-year high of 5%. All but two on the panel backed the half-point increase.
UK recession fears mount after Bank of England hikes borrowing rates by more than expected
LONDON (AP) — Fears that the British economy is heading for recession mounted sharply Thursday after the Bank of England raised borrowing costs by more than anticipated, seeking to combat stubbornly high inflation with a hike that will hit borrowers
UK recession fears mount after Bank of England hikes borrowing rates by more than expected
LONDON (AP) — Fears that the British economy is heading for recession mounted sharply Thursday after the Bank of England raised borrowing costs by more than anticipated, seeking to combat stubbornly high inflation with a hike that will hit borrowers
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