BoE Governor Andrew Bailey warns the economic climate will worsen for Britons unless interest rates are increased - but some have questioned the Bank's policy
But will it work?voted to increase the base rate to 3 per cent on Thursday.
“We do understand the difficulties of the situation we’re in and the difficulties mortgage-holders face,” he said. “If we don’t take action to get inflation down, things will get worse.” If people spend less on goods and services, the prices of those things tend to rise more slowly, lowering the rate of inflation. The Bank hopes to drive inflation back toward its target rate of 2 per cent.
Critics of the Bank’s decision also argue that it will deepen the oncoming recession, already forecast to last two years – the longest since records began.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Bank of England hikes interest rates to highest for 14 yearsThe Bank warned that the UK could be on course for two years of uninterrupted recession.
Lire la suite »
Bank of England raises interest rates by 0.75 percentage points\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t
Lire la suite »
Bank of England warns of 'longest recession' as interest rates rise to 3 per centThe Bank warned the UK could be on course for its longest recession since reliable records began a century ago as it announced the decision.
Lire la suite »
Bank of England expects UK to fall into longest ever recessionThe Bank of England raises interest rate to 3% from 2.25% as it warns UK faces a 'challenging' two-year slump.
Lire la suite »
Bank of England announces biggest interest rate rise in more than 30 yearsBREAKING: The Bank of England has unveiled the biggest interest rate rise in more than 30 years, which could see Homeowner's annual mortgage repayments go up by hundreds of pounds.
Lire la suite »