The Bank of England has stayed true to analysts’ forecasts and has raised interest rates by 50 basis points, from 1.25% to 1.75%, the highest level since 2008. The BOE has not increased 50 bps since 1995, its sixth straight increase. . As a result, the pound fell against the euro as well as against the dollar.
At a press conference following the decision to raise interest rates by the Bank of England, Andrew Bailey pointed out that “short-term inflationary pressures have increased significantly”. “The UK is expected to enter a recession by the end of 2022, and that is projected to last a long time.”
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