Bank of England set to raise interest rates following leap in inflation
The Bank is set to announce its decision on interest rates at midday on Thursday, with financial markets expecting a 0.25 per cent increase to 4.25 per cent.
A move to increase interest rates once again would be an attempt by the Bank of England to reduce inflation, though could have an adverse effect on mortgage holders. Bank of England governor Andrew Bailey previously told the Treasury Committee he expects inflation to fall quickly in 2023, following record-high inflation in 2022.rose from 10.1 per cent to 10.4 per cent in February, the Office for National Statistics revealed on Wednesday.Reacting to the increase, Chancellor Jeremy Hunt said "falling inflation isn't inevitable" and that the government would stick to its plan of halving inflation this year.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bank of England set to raise interest rates for 11th time in 18 monthsIt comes after inflation took a surprise leap to 10.4% in February according to data published yesterday.
Read more »
Bank of England set to raise interest rate for 11th time in 18 monthsIt comes after inflation took a surprise leap to 10.4% in February according to data published yesterday.
Read more »
Bank of England to make interest rates announcement this weekBank of England to make interest rates announcement this week - what can we expect
Read more »
US Fed raises interest rates despite banking crisis as focus switches to Bank of EnglandBritish banks 'strong and robust', MPs told, but volatility could expose weakness in financial system and raise costs for UK borrowers
Read more »
Jeremy Hunt insists Bank of England should keep focus on curbing inflation\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t
Read more »
Supermarket own-label prices double in a year as Bank of England warns against 'greedflation'Cornflakes, mozzarella and French brie - those are some of the own-label products that have seen some of the biggest price hikes in the last year
Read more »