BoE freezes interest rates after 14 straight hikes

LONDON: The Bank of England today held interest rates steady, snapping 14 straight hikes following a shock slowdown to UK inflation and one day after the US Federal Reserve also hit pause.

UK policymakers had been tipped to raise borrowing costs again heading into this week’s gathering – until shock official data yesterday on consumer prices clouded the picture. Five policymakers, including governor Andrew Bailey, voted not to hike for the first time since December 2021. But the Swiss National Bank unexpectedly left its rate unchanged, confounding expectations for an increase.In Britain, the Consumer Prices Index slowed to 6.7% in August from 6.8% in July, data revealed on the eve of the BoE rate freeze.

The European Central Bank has carried out 10 straight rises, including a quarter-point hike last week, but is now signalling that eurozone borrowing costs may have reached a peak.Cost-of-living crisis

Source: Loan Digest (loandigest.net)

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