Bank of England news and archive

Bank of England maintains interest rate at 5 percent

The Bank of England has placed the UK’s interest rate on hold at 5 percent after it was reported that inflation rates stayed at 2.2 percent in August, above the bank’s 2 percent target. The widely-expected decision was made following a meeting by the Monetary Policy Committee (MPC), who voted by a majority of eight to one to maintain the current...

Business

Bank of England increases interest rates to 5.25 percent

The Bank of England has hiked interest rates to their highest level in 15 years. On Wednesday, The Bank of England’s Monetary Policy Committee (MPC) voted by a majority of six to three to increase the interest rates by 0.25 percentage points to 5.25 percent. Two members preferred to increase the rates by 0.5 percentage points to 5.5 percent,...

Business

UK to enter recession later this year, Bank of England warns

The UK is set to fall into recession between October and December, the Bank of England has warned. It said it expects the recession to last until the end of 2023, which would be the longest since the 2008 financial crisis. “Inflationary pressures in the United Kingdom and the rest of Europe have intensified significantly since the May Monetary...