Bank of England raises interest rate to 15-year high
03 August 2023 | 1:26 pm
The interest rate was increased to an anticipated 5.25%, the bank's 14th hike in a row. The bank is expected to continue with its policy of hiking the interest rate in the next months to combat inflation.
21 Jul 2022
Soaring inflation is prompting the bank to raise interest rates from current historic lows. The move could put a brake on rising prices but might also dampen growth.
29 Jul 2022
The Fed added 0.75% to its benchmark interest rate for a second straight time. The increase of the interest rate to its highest level in four years comes as inflation continues to reach new heights.
7 Aug 2022
The Bank of England has warned that Britain is facing a recession as it hiked its benchmark interest rate by 0.5%.
27 Sep 2022
Sweden's Riksbank has kicked off what's expected to be a series of interest rate hikes around the world, as central banks struggle to curb inflation. The 100 basis point hike is Sweden's biggest in three decades, in response to a cost-of-living crisis that's affecting households and businesses.
24 Sep 2022
The Bank of England has warned that the UK economy may already be in recession, as it hikes interest rates for the seventh time to combat the spiralling pace of price rises. Inflation is still hovering nearly 40-year highs at just under 10 percent.
30 Sep 2022
The Bank of England has launched a £65 billion emergency bond-buying programme, in an effort to calm the markets and avert a financial crisis. The "unprecedented" support comes amid mounting criticism of the government's plan to slash taxes.
12 Oct 2022
The UK's central bank says it is widening a debt purchase scheme to stem a collapse in the government bond market. Britain's central bank said its aim was to ward off a "material risk to UK financial stability."
16 Oct 2022
The Bank of England has expanded its emergency purchases of government bonds to calm financial markets riled by a government plan to cut taxes. As a crucial deadline looms, everyone is asking: will it work?
25 Dec 2022
The raise is more modest than the previous 0.75% consecutive increases, which comes as inflation starts to slow in the US. The move comes hours ahead of expected similar decisions in Europe and the UK.
With the latest increase, the Fed's target interest rate is set in a range between 4.50% and 4.75% — its highest level since late 2007. The Fed has been rapidly hiking rates since March of 2022 in a bid to snuff out persistent inflation.
The annual inflation rate in the Eurozone dipped sharply in May to 6.1 percent, its lowest level since Russia invaded Ukraine last year. Despite this, European Central Bank Chief Christine Lagarde hinted at further, more gradual interest rate hikes to bring inflation down to its target of 2 percent.
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