Bank of England raises Interest Rate to 14-year high
The Bank of England (BoE) on December 15 raised interest rates by 0.5 percentage point from 3% to 3.5%, the highest level in 14 years, to cool high inflation. This is the 9th consecutive interest rate hike of the BoE.
The above increase is lower than the increase of 0.75 percentage point in November 2022.
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Following the BoE announcement, the pound fell against the dollar at an exchange rate of $1.23 to £1, and UK government bond yield also fell.
Economist Yael Selfin, at auditing firm KPMG, predicts that the BoE rate hike will end in the first half of 2023, with interest rates increasing to 4%.
Selfin thinks the BoE could cut interest rates in 2024 as the government tightens its spending and the economy needs support after the recession has been forecast.
Bank of England raises Interest Rate to 14-year high
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