That’s up 75 basis points, to 3%, in the shadow of persistently high inflation at 40-year record levels.
In the biggest interest rate hike for 33 years, since 1989, the Bank of England proceeded a while ago. This is plus 75 basis points, at 3%, in the shadow of persistently high inflation at 40-year record levels.
In their first meeting after her short and tumultuous premiership Lees Truss that ended suddenly two weeks ago, Bank of England policymakers raised interest rates to 3 percent, the highest since November 2008. The bank is stepping up its fight against inflation even as it predicted the British economy would in recession for an “extended period”.
Through all the turmoil in Britain in recent months, stagflation has remained a constant scourge for the central bank. Annual inflation topped 10% in September, the highest in four decades and five times the central bank’s target.
The Bank of England expects inflation to rise to about 11% this year, however a lower rate than previously predicted due to a government plan to freeze household electricity bills. While the freeze holds down headline inflation, it could increase price pressures from other goods and services as households have to spend less on their energy bills, the bank said.
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