LONDON, Feb. 3 (Xinhua) -- The Bank of England (BoE), the United Kingdom's (UK) central bank, raised interest rates for the second time in seven weeks on Thursday to fight a surge in inflation. At its meeting late on Wednesday, the bank's Monetary Policy Committee (MPC) voted to ...
The Bank of England uses the base rate to help control inflation. The current rate of inflation in the UK as measured by CPI is 6.7% which remains much higher than the 2% target. Despite this, the rate of inflation is expected to fall as we head into 2024 with experts predicting that ...
According to the Office for National Statistics (ONS), consumer price index (CPI) inflation was 7.9% in June, down from 8.7% in May and the lowest rate since March 2022.It implies that the Bank of England interest rates, which are a tool used by the Bank to reduce inflation to...
At the meeting last month, the Bank of England maintained its 0.5% interest rate unchanged, maintaining the scale of 375 billion yuan in quantitative easing, while reducing short-term inflation expectations, and only one member supported the increase in interest rates. The Bank of England said, ...
Increased Brexit uncertainties had put "additional downward pressure" on UK forward interest rates and led to a decline in the sterling exchange rate, the minute noted. The Bank saw Consumer Price Index (CPI) inflation falling below its target of 2 percent later this year. The latest CPI figur...
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Meanwhile, the Bank of England could take note of the European Central Bank’s (ECB) decision to cut interest rates in the Eurozone on Thursday, the second reduction in a row. The ECB’s rate-setting council lowered the main deposit rate from 3.75% to 3.5% at th...
The Bank of England decides monetary policy for the United Kingdom. Its primary goal is to achieve a steady inflation rate of 2%. Its tool for achieving this is via the adjustment of base lending rates. The BoE sets the rate at which it lends to commercial banks and banks lend to each...
LONDON — The U.K.'s central bank on Thursday kept its monetary policy stance unchanged as much of the country enters the festive period under the highest tier of coronavirus restrictions. The Bank of England kept its main lending rate at 0.1%, having cut twice from 0.75% since the onset...
The most recent consumer prices index (CPI) measure was unchanged at 8.7% while there was a surprise leap in the pace of so-called core inflation. which strips out the impact of volatile elements such as food and energy.Financial markets now forecast bank rate peaking above 6% due...