Bank of England Sets Biggest Rate Hike in 33 Years
Bank of England Sets Biggest Rate Hike in 33 Years
Bank of England Sets , Biggest Rate Hike in 33 Years.
CNN reports that the central bank increased interest rates by three quarters of a percentage point on Nov.
3.
The historical hike puts the Bank of England's benchmark rate at 3%.
CNN reports that it hasn't been that high since November 2008.
The U.S. Federal Reserve and European Central Bank made similar moves recently as soaring inflation continues to threaten a recession.
.
The U.S. Federal Reserve and European Central Bank made similar moves recently as soaring inflation continues to threaten a recession.
.
Inflation is too high, and it’s the bank’s job to bring it down.
If we do not act forcefully now it will be worse later on, Andrew Bailey, Bank of England Governor, via press conference.
CNN reports that the U.K.'s economy is expected to suffer through the beginning of 2024 “as high energy prices and materially tighter financial conditions weigh on spending.”.
Bank of England Governor Andrew Bailey says GDP is expected to remain weak for a "prolonged" period.
After the rate hike was announced, the British pound fell 2% against the American dollar.
The country is also still trying to recover from former Prime Minister Liz Truss' "mini budget."