Bank 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.
Financial analyst responds as Bank of England hikes interest rates to 15-year high
The Bank of England unexpectedly pushed up interest rates by half a percentage point to the highest level in almost 15 years, with policymakers and the UK Government coming under mounting pressure to control the cost-of-living crisis. The move is set to deepen the mortgage crisis as borrowing costs are hiked for the 13th time in a row. Reaction from AJ Bell financial analyst Danni Hewson.
Financial analyst responds as Bank of England hikes interest rates to 15-year high
The Bank of England unexpectedly pushed up interest rates by half a percentage point to the highest level in almost 15 years, with policymakers and the UK Government coming under mounting pressure to control the cost-of-living crisis. The move is set to deepen the mortgage crisis as borrowing costs are hiked for the 13th time in a row. Reaction from AJ Bell financial analyst Danni Hewson.
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