The Bank of England has announced its biggest interest rate increase in three decades.
People pass the Bank of England in London, Sept. 28, 2022.
The rate increase is the Bank of England’s eighth in a row and the biggest since 1992. It comes after the U.S. Federal Reserve on Wednesday announced a fourth consecutive three-quarter point jump as central banks worldwide combat inflation that is eroding living standards and slowing economic growth.Central banks have struggled to contain inflation after initially believing that price increases were being fueled by international factors beyond their control.
The U.K. also has struggled as wholesale gas prices increased fivefold in the 12 months through August. While prices have dropped more than 50% since the August peak, they are likely to rise again during the winter heating season, worsening inflation.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
When is the Bank of England interest rate decision and how could it affect GBPUSD?When is the Bank of England interest rate decision and how could it affect GBPUSD? – by hareshmenghani BOE Inflation Recession GBPUSD Currencies
Read more »
Bank of England set for biggest rate hike in 33 years, but economists expect dovish tiltThe market expects the Bank of England to raise interest rates by 75 basis points on Thursday, its largest hike since 1989.
Read more »
Bank of England Raises Key Interest Rate by 0.75 PointThe hike is the largest since 1989, as the bank fights a surge in inflation from rising energy prices even as the U.K. economy slides into an expected recession.
Read more »
Bank of England readies for biggest rate rise since 1989The Bank of England looks on track to raise interest rates by three quarters of a percentage point to 3% later on Thursday, its biggest rate rise since 1989 as it battles the highest inflation in 40 years.
Read more »
Bank of England raises interest rates to 3%, largest jump in 33 yearsAn economically concerning situation in the United Kingdom has called for the Bank of England to dramatically increase interest rates.
Read more »
Bank of England fights inflation with biggest rate hike in 33 years | CNN BusinessThe Bank of England raised interest rates by three quarters of a percentage point on Thursday, the biggest hike in 33 years, as it tries to contain soaring inflation even as the UK economy slides towards recession.
Read more »