|It's increasing interest rates from 3% to 3.5%, despite inflation easing last month.
The Monetary Policy Committee , which sets interest rates, said a “forceful” policy response was justified as the labour market remained tight across the month.
Most of the MPC’s nine members agreed that they would continue to vote for rate rises if the economy broadly continues to develop as the committee expected when it last met a month ago. On Wednesday, the Office for National Statistics revealed that inflation had reached 10.7% – slightly lower than expectations and a reduction from the 41-year high seen in October.The Bank also said that the economy is now expected to do better in the final three months of 2022 than it had previously thought. Gross domestic product is forecast to fall by 0.1% in the fourth quarter, compared with the previous forecast of a 0.3% drop.
“The real economy remained weak, as a result of falling real incomes and tighter financial controls,” they argued.
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