BoE agrees third straight rate hike as inflation soars
-
Turkish Energy Minister Highlights Qatar as Key Partner for Regional and Global Energy Security
-
Rene Eyre Revisits Autobiographical Performance 'Say A Little Prayer' in London
-
London Museum Granted 24/7 License Ahead of November Opening
-
UAE's HCT Holds Record Graduation and Announces Major Training Expansion
-
Dana White Confirms Flight to Washington for Trump Meeting on Press Secretary Role
-
NASA Awards $10B Lunar Contract Framework to SpaceX, Blue Origin
-
Dengue Fever Expands Into High Himalayas as Climate Change Warms Nepal
-
Katy Perry Tells Fans Ex-Husband Russell Brand 'Should Be in Jail' During UK Concert
-
IoT Refrigerator Hacks Disrupt Blood Labs and Supermarkets Across Europe and US
-
South African election results renew debate over identity-based voting
-
Post-election pressures complicate US and Israeli decisions on Iran
-
South African voters report smoother local election but declining IEC trust
-
UN members approve talks on treaty protocol against environmental crime
-
Dolly Parton museum and Nashville hotel open after singer’s death
-
Family-run West Sussex beach café prepares for first winter season
-
George and Amal Clooney attend New York political-comedy reading
-
CT scans reveal health and burial clues from Egypt’s Braided Lady mummy
-
British buyers pay substantial premiums for period-home appearance
-
Oxford faces complaints over lecturer’s classroom attire
-
Thomas Markle released to house arrest after child-abuse-image charge
-
Kyren Wilson and John Higgins reach International Championship snooker final
BoE agrees third straight rate hike as inflation soars
The Bank of England on Thursday hiked its main interest rate to its pre-pandemic level, the third increase in a row, to combat decades-high inflation.
The decision came one day after the US Federal Reserve carried out the first of what is expected to be a number of rate hikes this year to tackle runaway inflation.
The BoE said UK annual inflation could top 8.0 percent this year, having said it would peak at 7.25 percent in April.
Eight members of the bank's nine-strong Monetary Policy Committee, including governor Andrew Bailey, voted to lift its key rate by a quarter point to 0.75 percent.
Policymaker Jon Cunliffe voted to maintain rates at 0.5 percent, citing worries over the soaring cost of living.
"Regarding inflation, the invasion of Ukraine by Russia has led to further large increases in energy and other commodity prices including food prices," the BoE said in a statement.
"It is also likely to exacerbate global supply chain disruptions, and has increased the uncertainty around the economic outlook significantly."
The bank said global inflationary pressures would "strengthen considerably further" over the coming months, meaning that net energy importers including Britain would likely experience slowing growth.
T.Batista--PC
