Bank of England raises interest rates by 0.25% to 5.25%

Bank Rate was last at 5.25% in February 2008.  The Bank of England’s Monetary Policy Committee has voted 6-3 to increase Bank Rate by 0.25% to 5.25% – the 14th consecutive rise. Two members preferred to increase Bank Rate by 0.5 percentage points, to 5.5%, and one member preferred to maintain Bank Rate at 5%. Interest rates have increased further …

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 …

Bank of England hikes interest rates for first time in a decade

The Bank of England have voted to raise UK interest rates for the first time in a decade. Interest rates will increase by 25bps to 0.5% from 0.25%. This means the Bank have reversed the rate cut of August 2016, when it eased monetary policy to help Britain’s economy through the aftermath of the Brexit vote. The Monetary Policy Committee …