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    Home » Bank of England Hike Interest Rates to 0.75%, Uncertain about Future Moves
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    Bank of England Hike Interest Rates to 0.75%, Uncertain about Future Moves

    March 17, 20221 Min Read
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    The Bank of England raised interest rates for a third consecutive meeting but softened its stance on the need for further hikes.

    • Eight out of nine members of the Monetary Policy Committee (MPC) voted in favor of raising the Bank Rate to 0.75% from 0.5%, after the US Federal Reserve’s decision to raise borrowing costs for the first time since the pandemic started.
    • Meanwhile, Deputy Governor Jon Cunliffe voted against the raise warning of a big hit to demand from surging commodity prices.
    • The BoE stated that inflation was set to surge to around 8% in April, nearly a percentage point higher than it projected last month, and cautioned it could peak even higher later in the current year.
    • Energy bills, driven by Russia’s invasion of Ukraine, are likely to surge in the autumn when regulated tariffs are reset.

    A majority of the committee members stated they raised rates to cut the risk that recent trends in pay growth and inflation become factored in expectations.

    FTSE 100 up +0.61%, GBP USD down -0.33%

    Source: Bank of England

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