Bank of England Hikes Rates to 13-Year High as Inflation Expected to Hit Double Digits

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Britain’s central bank has raised its key interest rate to 1.00 percent, the highest level in 13 years, as policymakers scramble to curb soaring inflation that has risen faster than wages and eroded the purchasing power of many households. The Bank of England announced on Thursday that its rate-setting body, the Monetary Policy Committee (MPC), voted 6–3 to hike by 25 basis points, or 0.25 of a percentage point, bringing the benchmark interest rate to a level not seen since 2009. Three of the nine MPC members voted for an even steeper rate increase of 50 basis points, or 0.5 of a percentage point, which would have matched the hefty hike announced by the Federal Reserve a day prior as the U.S. central bank similarly struggles to contain runaway prices. ...

Source: https://www.theepochtimes.com/bank-of-e ... 47592.html