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Financial News: Bank Of England Raises Key Rate To 13-year

Bank Of England Raises Key Rate To 13-year High

05/05/2022 - 07:36:00 (RTTNews)

(RTTNews) - The Bank of England raised its key rate by a quarter-point as expected to its highest level since 2009 as policymakers try to combat rising inflation that is now expected to peak above 10 percent this year.

Policymakers led by Governor Andrew Bailey decided to raise the key interest rate, the bank rate, to 1.00 percent from 0.75 percent.

Six members of the Monetary Policy Committee including Bailey voted to lift the bank rate by 25 basis points, while other three members sought a 50 basis-point increase.

Members voted for a fourth consecutive hike that took the rate to a 13-year high. Most members judged that some degree of further tightening in monetary policy may still be appropriate in the coming months.

"The MPC will continue to review developments in the light of incoming data and their implications for medium-term inflation," the bank said.

The announcement came after the U.S. Federal Reserve had raised its key rate by 50 basis points on Wednesday.

CPI inflation was expected to rise to around 9 percent in April, and to increase further in subsequent months, averaging slightly over 10 percent at its peak in the fourth quarter of 2022.

GDP is estimated to have risen by 0.9 percent in the first quarter of 2022, stronger than expected in the February Monetary Policy Report. But the level of GDP is expected to be broadly unchanged in the second quarter.

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