This is the eighth time in a row that the central bank of theOn Thursday, the bank’s monetary policy committee voted by a majority of seven to two, to increase the base rate of interest by 0.75 percentage points.Advertisement
“The MPC’s latest projections describe a very challenging outlook for the U.K. economy,” the bank said in a statement.BoE also forecasted that inflation will hit a 40-year high of 11 percent in the fourth quarter of 2022.Speaking at a media briefing following the interest rate hike, Andrew Bailey, BoE governor, said the move was part of efforts by the bank to tame rising inflation.“Quite simply we’re increasing bank rate because inflation is too high and it’s the bank’s job to bring it down.
“People should not have to worry about inflation as they go about their daily business, that’s why we’ve raised inflation as we did today.“As the forecast shows it is a tough road ahead, with a sharp increase in energy prices caused by Russia’s invasion in Ukraine has made us poorer as a nation.” The UK is battling with high, double-digit inflation and the economic situation has not improved in recent months.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: GuardianNigeria - 🏆 1. / 94 Read more »