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Financial News: Bank Of England Hikes Key Rate

Bank Of England Hikes Key Rate

12/16/2021 - 07:26:00 (RTTNews)

(RTTNews) - The Bank of England raised its key interest rate on Thursday as policymakers viewed that some moderate tightening is required to bring inflation down. The Monetary Policy Committee voted 8-1 to lift its key rate by 0.15 percentage points to 0.25 percent from a record low of 0.10 percent.

The committee unanimously decided to maintain the bond purchase programme at GBP 895 billion.

The MPC will review developments, including emerging evidence on the implications for the economy of the Omicron variant, as part of its forthcoming forecast round ahead of the February 2022 Monetary Policy Report.

The committee said some modest tightening of monetary policy over the forecast period is likely to be necessary to meet the 2 percent inflation target sustainably.

Bank staff expects inflation to remain around 5 percent through the majority of the winter period, and to peak at around 6 percent in April 2022. Inflation is still expected to fall back in the second half of next year.

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