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Bank Rate increased to 0.5% - February 2022
The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. At its meeting ending on 2 February 2022, the MPC voted by a majority of 5-4 to increase Bank Rate by 0.25 percentage points, to 0.5%. Those members in the minority preferred to increase Bank Rate by 0.5 percentage points, to 0.75%. The Committee voted unanimously for the Bank of England to begin to reduce the stock of UK government bond purchases, financed by the issuance of central bank reserves, by ceasing to reinvest maturing assets. The Committee ... (full story)
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Bank of England hikes rates in first back-to-back rise since 2004
The Bank of England on Thursday imposed back-to-back interest rate hikes for the first time since 2004 and began the process of quantitative tightening. Markets had broadly expected the 25 basis point rate increase, which the Monetary Policy Committee voted for unanimously and which takes the main Bank Rate to 0.5%, as the central bank strives to contain soaring inflation. The Bank fired the starting gun on rate rises in December, hiking its main interest rate to 0.25% from its historic low of 0.1%. Since then, data has shown U.K. inflation soared to a 30-year high in December as higher energy costs, resurgent demand ... (full story)
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