Bank of England unveils 50 bps hike as three officials push for bigger move

Traders pared bets on future interest-rate increases and the pound pared its gain against the dollar. It was up 0.6% to $1.1340 as of 12:04 p.m. London time

Bank of England
Premium

Bank of England

Philip Aldrick and David Goodman | Bloomberg
The Bank of England delivered a second consecutive half-point hike in its battle to bring down inflation, as three officials pushed for the institution to join its global peers in moving at an even quicker pace.
 
The move to 2.25% was backed by five of the nine-member Monetary Policy Committee, including Governor Andrew Bailey, while one voted for a smaller move. Policy makers also unanimously endorsed plans to start reducing the mammoth government bond holdings built up since the financial crisis over a decade ago.

Officials also lowered their forecast for peak inflation from more than 13% to less than 11%

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Sep 22 2022 | 4:44 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com