BoE raises interest rates by most since 1995 even as long recession looms ...Qatar

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The Bank of England raised interest rates by the most in 27 years yesterday, despite warning that a long recession is on its way, as it rushed to smother a rise in inflation which is now set to top 13%. Reeling from a surge in energy prices caused by Russia’s invasion of Ukraine, the BoE’s Monetary Policy Committee voted 8-1 for a half percentage point rise in Bank Rate to 1.75% — its highest level since late 2008 — from 1.25%. The 50-basis-point increase had been expected by most economists in a Reuters poll as central banks around the world scramble to contain the surge in prices. Governor Andrew Bailey said all options were on the table for the BoE’s next meeting in September, and beyond

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Last updated : 04 August 2022 clock 09:48 PM

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