Bank of England Raises Key Interest Rate by 0.75 Point

Automatic TRANSCRIPT

The Bank of England has made its biggest interest rate increase in three decades in an attempt to beat stubbornly high inflation the Central Bank has boosted its key rate by three quarters of a percentage point to 3% The aggressive move comes even as the bank predicted a two year economic contraction through to June 2024 Bank of England governor Andrew Bailey said the move was necessary to keep inflation down The rate increases the Bank of England's 8th in a row and the biggest since 1992 it comes after the U.S. Federal Reserve announced a fourth consecutive three quarter point jump as the fight against inflation takes

Coming up next