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22.08 - 11:07
Bank of England Makes Biggest Rate Rise Since 1995 as Inflation Soars
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LONDON—The Bank of England raised its key interest rate by a half percentage point Thursday, the largest single step in more than a quarter-century, as the central bank follows the Federal Reserve in giving priority to the fight against inflation over the risk of hurting growth.
In a statement, the bank raised its key rate to 1.75% from 1.25%. That means the bank has increased borrowing costs at six straight meetings of its monetary policy committee, its longest such streak since the late 1990s.
Read more on wsj.comAbout this in other media
Why aren’t banks passing on interest rate rises to customers? theguardian.com /1 year ago
Sainsbury’s and Virgin Money have failed to pass on savings rate rises theguardian.com /1 year ago
Six interest rate rises in a row? Blame greedy City bankers theguardian.com /1 year ago
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