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Financial News: Bank Of England Hikes Rate By 75 Bps

Bank Of England Hikes Rate By 75 Bps

11/03/2022 - 08:30:00 (RTTNews)

(RTTNews) - The Bank of England raised its benchmark rate by 75 basis points on Thursday, which was the biggest increase since 1989.

The nine-member Monetary Policy Committee decided to raise the bank rate to 3.00 percent from 2.25 percent. The rate is currently the highest since November 2008.

The announcement came after the U.S. Federal Reserve lifted its benchmark rate by 75 bps for the fourth straight meeting on Wednesday. Nonetheless, the Fed signaled more moderate moves ahead.

The MPC of the BoE voted 7-2 to lift the rate by 75 basis points. One member preferred to hike the interest rate by 0.5 percentage points, and another member sought a 25 basis point hike.

The BoE expects the economy to shrink 0.5 percent in the third quarter of 2022 and by 0.3 percent in the fourth quarter.

The UK economy is expected to remain in recession throughout 2023 and the first half of 2024. GDP is expected to recover only gradually thereafter.

In September, inflation rose 10.1 percent, the highest since the series began in January 1997.

Inflation is expected to pick up to around 11 percent in the fourth quarter of 2022. The near-term forecast was lower than was expected in the August Report.

Inflation is projected to fall sharply to around 5 percent by the end of next year and to fall below the 2 percent target in the medium term, although the Committee judged that the risks to the inflation projections are skewed to the upside.

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