Business Standard

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%

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in