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Bank of England raises interest rates by 50 points for the second time

2022-09-22T15:09:03.349Z

London, SANA- The Bank of England raised key interest rates by 50 basis points for the second time in a row today



London-Sana

Today, the Bank of England raised its key interest rates by 50 basis points for the second time in a row.

The British Sky News network reported that the Bank of England raised key interest rates today by 50 basis points for the second time in a row to reach 2.25 percent in a move aimed at curbing high inflation.

It is noteworthy that Britain has not witnessed this series of interest rate hikes since Black Wednesday 30 years ago, and it is the seventh consecutive day increase since last December.

The English central bank raised interest rates last August by 50 basis points, the highest rate in 27 years.

The pound's drop to nearly 37-year lows and interest rates in the United States, the eurozone, Switzerland and Sweden are putting pressure on the Bank of England to increase the pace of monetary policy tightening.

The rate of inflation in Britain slowed last August, with the decline in gasoline prices to reach 9.9 percent, after reaching a peak of 10.1 percent in July.

High energy prices still strongly affect inflation rates, which reached their highest levels in nearly 40 years.

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Source: sena

All business articles on 2022-09-22

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