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BOE Shocks With First Rate Hike Since Crisis to Combat Inflation

BOE Shocks With First Rate Hike Since Crisis to Combat Inflation

admin-augaf by admin-augaf
December 16, 2021
in Business, International
Reading Time: 1 min read
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BOE Shocks With First Rate Hike Since Crisis to Combat Inflation

BOE Shocks With First Rate Hike Since Crisis to Combat Inflation

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London December 16 2021: Bank of England policymakers have voted to raise interest rates to 0.25% from the record low level of 0.1%.

The Bank has been caught between a surge in the cost of living - which is a reason to raise rates - and the rapid spread of the Omicron variant - which is an argument to keep them low.

Investors had been betting there was a 66% chance that the Bank would raise rates on Thursday, up from less than 50% before the inflation numbers for November came out on Wednesday.

The cost of living figures showed prices rising at their fastest rate for a decade.

The pound has jumped by almost a cent against the US dollar, as traders react to the surprise rise in UK interest rates. It’s hit $1.335, up 0.7% today, its highest in over two weeks, after hitting one-year lows earlier this month.

Most economists polled by Reuters had expected the BoE to keep Bank Rate at 0.1% due to a new surge in coronavirus cases. The BoE's nine-member Monetary Policy Committee voted by 8-1 to raise Bank Rate to 0.25% from 0.1%.

The MPC also voted 9-0 to keep the BoE's government bond-buying programme at its target size of 875 billion pounds ($1.16 trillion). The BoE has also bought 20 billion pounds of corporate bonds.


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Tags: BOEBUSINESSCovidfinanceImran KhanInterest ratePakistanpakistan stock exchangePakistan Tahreek InsaafPSXPTISBP
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