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Bank Of England Hikes Rates

Another major development in the crypto world during the week was the US Securities and Exchange Commission's 'Wells notice' to crypto exchange Coinbase

Updated On: 24 Mar 2023 | 4:45 PM IST

Previously the BoE had forecast 2023 inflation at around 5%

Updated On: 03 Feb 2023 | 12:18 AM IST

The Bank of England is expected to raise interest rates by as much as half a percentage point Thursday as it seeks to tame the double-digit inflation fuelling a cost-of-living crisis, public-sector strikes and fears of recession. The move would push the UK's key rate to 4 per cent. Economists suggest this may be the last big rate increase for Britain's central bank, which has approved 10 consecutive hikes since a post-pandemic surge in the world economy and Russia's war in Ukraine drove inflation to 40-year highs. The US Federal Reserve has already begun tapering its response, boosting its key rate by just a quarter-point on Wednesday. The European Central Bank, meanwhile, is expected to go big again, with a half-point hike on Thursday. Optimism grew that rate increases may begin to tail off after UK inflation eased for a second straight month to 10.5 per cent in December, down from a peak of 11.1 per cent in October. That's still far higher than in the US and the 20-country eurozon

Updated On: 02 Feb 2023 | 2:18 PM IST

Central bank raises bank rate to 3% from 2.25%

Updated On: 03 Nov 2022 | 11:35 PM IST

The Bank of England has announced its biggest interest rate increase in three decades as it tries to beat back stubbornly high inflation fuelled by Russia's invasion of Ukraine and the disastrous economic policies of former Prime Minister Liz Truss. The bank boosted its key rate by three-quarters of a percentage point Thursday, to 3%, after consumer price inflation returned to a 40-year high in September. The aggressive move to prevent inflation from becoming embedded in the economy was in line with market expectations after a more cautious half-point increase six weeks ago. The interest rate decision is the first since Truss' government announced 45 billion pounds ($52 billion) of unfunded tax cuts that sparked turmoil on financial markets, pushed up mortgage costs and forced Truss from office after just six weeks. Her successor, Rishi Sunak, has warned of spending cuts and tax increases as he seeks to undo the damage and show that Britain is committed to paying its bills. The ra

Updated On: 03 Nov 2022 | 5:48 PM IST

The Bank of England stepped in on Wednesday by offering to buy some of the country's long-term debt as an emergency measure to prevent "material risk" to the country's financial stability, amid an unprecedented warning by the IMF that the UK's recent mini-budget risked making the cost-of-living crisis worse. The central bank said it would buy as many long-dated government bonds as needed between now and October 14 in a bid to calm some of the mayhem that followed the Liz Truss-led government's massive tax-cutting and government borrowing mini-budget last Friday. It has seen the pound tumble against the dollar as investors demand a greater rate of return for UK bonds because the level of government borrowing required to fund the financial measures have spooked the markets. The Bank is monitoring developments in financial markets very closely in light of the significant repricing of UK and global financial assets, the Bank of England said in a statement. This repricing has become mor

Updated On: 29 Sep 2022 | 12:01 AM IST

The Bank of England has raised UK interest rates by 0.5 percentage points to 2.25 per cent in an attempt to combat soaring inflation amid the cost of living crisis, the media reported

Updated On: 22 Sep 2022 | 6:05 PM IST

Traders pared bets on future interest-rate increases and the pound pared its gain against the dollar. It was up 0.6% to $1.1340 as of 12:04 p.m. London time

Updated On: 22 Sep 2022 | 4:44 PM IST

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%

Updated On: 04 Aug 2022 | 10:17 PM IST

GAIL (India) Ltd, the nation's largest gas utility, on Thursday reported a 51 per cent jump in its June quarter net profit on the back of bumper margins from gas marketing

Updated On: 04 Aug 2022 | 5:55 PM IST

That would take Bank Rate to 1.25%, its highest level since January 2009, when Britain's economy was holed by the global financial crisis

Updated On: 11 Jun 2022 | 2:02 AM IST

The increase to 0.75%, was backed by eight of the bank's nine policy makers, with Deputy Governor Jon Cunliffe voting for no change.

Updated On: 18 Mar 2022 | 12:44 AM IST

The BoE said inflation was set to reach around 8% in April -almost a percentage point higher than it forecast last month - and warned it could peak even higher later in the year

Updated On: 17 Mar 2022 | 5:40 PM IST

The move follows hot on the heels of a rate hike in December, marking the first back-to-back increases in Bank Rate since 2004

Updated On: 04 Feb 2022 | 1:27 AM IST

While most analysts see monetary policy normalisation across the world in 2022, rate trajectories are likely to diverge across geographies, they said

Updated On: 18 Dec 2021 | 1:21 AM IST

The reason for the rate rise is inflation, which has risen to its highest level since April 2012 (3%) - beyond the govt's target figure of 2%

Updated On: 03 Nov 2017 | 9:30 AM IST

The MPC must set policy to achieve a sustainable return of inflation to target

Updated On: 02 Nov 2017 | 6:48 PM IST