The Bank of England raised its key interest rate by 0.75 percentage point, its largest increase since 1989
LONDON—The Bank of England raised its key interest rate by 0.75 percentage point on Thursday, its largest rise since 1989, as it fights a surge in inflation from rising energy prices even as the U.K.
economy slides intoThe central bank raised its benchmark lending rate to 3% from 2.25%, taking it to the highest level since November 2008. Higher borrowing costs will hurt an already weak economy as consumers brace for a difficult winter of falling real incomes and rising prices.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bank of England readies for biggest rate rise since 1989The Bank of England looks on track to raise interest rates by three quarters of a percentage point to 3% later on Thursday, its biggest rate rise since 1989 as it battles the highest inflation in 40 years.
Read more »
Bank of England set for biggest rate hike in 33 years, but economists expect dovish tiltThe market expects the Bank of England to raise interest rates by 75 basis points on Thursday, its largest hike since 1989.
Read more »
UK faces longest recession since records began, Bank of England saysThe Bank of England warned Thursday that the U.K. is facing its longest recession since records began, with the economic downturn expected to extend well into 2024.
Read more »
Bank of England raises interest rates to 3%, largest jump in 33 yearsAn economically concerning situation in the United Kingdom has called for the Bank of England to dramatically increase interest rates.
Read more »
Bank of England fights inflation with biggest rate hike in 33 years | CNN BusinessThe Bank of England raised interest rates by three quarters of a percentage point on Thursday, the biggest hike in 33 years, as it tries to contain soaring inflation even as the UK economy slides towards recession.
Read more »
Bank of England makes biggest interest rate hike in 30 yearsThe Bank of England has announced its biggest interest rate increase in three decades as it tries to beat back stubbornly high inflation.
Read more »