Inflation falls to 7.9% in June

The core rate of inflation fell by 0.2% to 6.9%. Annual CPI inflation has fallen from 8.7% in April and May to a lower-than-expected 7.9% in June, the latest ONS figures show.  Most economists had predicted a fall in inflation, with an average forecast of 8.2%, according to Reuters.  On a monthly basis, CPI rose by 0.1% in June, compared …

Bank of England raises interest rates by further 0.5%

Two members preferred to maintain Bank Rate at 4.5%, with no-one choosing to increase by 0.25%. The Bank of England’s Monetary Policy Committee has voted 7-2 to increase Bank Rate by 0.5% to 5.00% – the 13th consecutive rise. Many industry experts had predicted a 0.5% rise after inflation held steady at 8.7% yesterday, higher than predicted, although other commentators had expected …

Bank of England raises interest rates to 4.5%

The last time the base rate was at 4.5% was in October 2008. The Bank of England’s Monetary Policy Committee has voted 7-2 to increase Bank Rate by 0.25% to 4.5% – the 12th consecutive rise. Two members preferred to maintain Bank Rate at 4.25%. The latest Bank of England figures now predict that Bank Rate will peak at around …

Bank of England raises interest rates by 0.25% to 4.25%

The latest inflation data shows that CPI inflation re-accelerated to 10.4% in February. The Bank of England’s Monetary Policy Committee has voted 7-2 to increase Bank Rate by 0.25% to 4.25% – the 11th consecutive rise. This follows the latest inflation data which shows that CPI inflation re-accelerated to 10.4% in February, and the US Federal Reserve’s decision to hike rates by …

BoE reduces base rate again to 0.1%

The Bank of England (BoE) has cut interest rates further amid the Covid-19 crisis. At a special meeting yesterday, the Monetary Policy Committee (MPC) unanimously voted to cut interest rates from 0.25% to 0.1% and to increase holdings of UK government and corporate bonds by £200bn. The BoE, which has just appointed Andrew Bailey as its new governor, said the …

BoE slashes interest rate to 0.25%

In a bid to shore up the economy the Bank of England has cut interest rates back to their lowest ever level, 0.25% from 0.75%. The MPC (Monetary Policy Committee) voted unanimously to slash the bank rate at an unscheduled meeting, which ended yesterday. The rate cut is part of a ‘package of measures to help UK businesses and households …