British Central Bank Hikes Rates In Bid to Tame Runaway Inflation

British Central Bank Hikes Rates In Bid to Tame Runaway Inflation
The Bank of England announced its interest rate decision on Thursday. Yui Mok/PA
Tom Ozimek
Updated:
0:00

Britain’s central bank has raised its benchmark interest rate for the fifth time in a row in an effort to quell the country’s cost-of-living crisis, becoming the latest monetary authority to tighten in response to runaway inflation.

Policymakers at the Bank of England (BOE) decided on June 16 to raise the so-called Bank Rate by 0.25 percentage points to 1.25 percent, with three of the nine-member Monetary Policy Committee (MPC) voting for an even bigger 50 basis point hike.
Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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