The Bank of England, the UK’s central bank, has increased interest rates from 3 to 3.5 percent, a new 14-year high. At its meeting ending on Dec. 14, the bank’s nine-strong Monetary Policy Committee (MPC) voted by a majority of 6–3 to increase the bank rate by 0.5 percentage points. It is a slowdown from…
UK Central Bank Raises Interest Rates to 3.5 Percent, a New 14-Year High
UK Unemployment Rate Rises as Jobs Market Shows Signs of Weakening
Britain’s rate of unemployment has risen again and the number of vacancies fell back further in a sign of a weakening jobs market, official figures have shown. According to the latest data from the Office of National Statistics (ONS), the UK unemployment rate rose to an estimated 3.7 percent in the three months to October,…
‘Tough Road Ahead’ for UK Economy Despite October Rebound, Chancellor Warns
The UK economy still faces a “tough road ahead” despite a rebound in growth in October, Chancellor of the Exchequer Jeremy Hunt has warned. According to the latest data from the Office of National Statistics (ONS), monthly real GDP is estimated to have grown by 0.5 percent in October, following a fall of 0.6 percent…
BoE Governor Defends Pandemic QE, Says Mini-Budget Damaged UK’s Reputation
The Bank of England’s (BoE) quantitative easing (QE) during the COVID-19 pandemic did contribute to soaring inflation in the UK, but the impact was hard to predict at the time, the central bank’s Governor Andrew Bailey said on Wednesday. Bailey also said former Prime Minister Liz Truss and her Chancellor Kwasi Kwarteng’s so-called mini-budget has damaged the…
UK Inflation Hit 11.1 Percent in October, Highest in 41 Years
Gas and electricity prices pushed the UK’s inflation to 11.1 percent in October, the highest in 41 years, official figures show. The Office for National Statistics’s (ONS) latest inflation figures, published on Wednesday, showed a 2 percent monthly increase in the Consumer Prices Index (CPI) in October. The CPI inflation in the 12 months to…
Quantitative Easing During COVID-19 Pandemic Contributed to Inflation, BoE Chief Economist Says
“Overly loose monetary policy” during the COVID-19 pandemic may have helped push up inflation to the current level, Bank of England’s (BoE) Chief Economist Huw Pill said on Tuesday. It’s the first time a BoE official acknowledged the central bank’s role in adding to the inflationary pressure after Prime Minister Rishi Sunak said government borrowing…
Britons Delay Christmas Shopping as Grocery Price Inflation Hits Record 14.7 Percent
British consumers are delaying their Christmas shopping as grocery price inflation in the UK hits a new record, according to new research. According to the latest data from research firm Kantar, four-week grocery price inflation has reached 14.7 percent, the highest since the firm began to record the data in 2008. The firm said that…
Government Borrowing Leads to Inflation, UK’s Sunak Says
The government “cannot do everything” because big government borrowing ultimately leads to soaring inflation and high interest rates, the UK’s Prime Minister Rishi Sunak said on Friday. It comes after the Bank of England raised its base interest rate to 3 percent and forecasted a two-year recession. In an interview with The Times of London, Sunak…
UK Central Bank Raises Interest Rates to 3 Percent, Highest for 14 Years
November 3, 2022
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Andrew BaileyBank of EnglandBusiness & Marketseconomyinflationinterest ratesJeremy HuntKeir StarmerrecessionUKWorld
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The Bank of England, the UK’s central bank, has raised its base interest rate to 3 percent, the highest for 14 years. All but two members of the bank’s Monetary Policy Committee (MPC) voted to push up interest rates by 0.75 percentage points, from 2.25 to 3 percent, during a crunch meeting on Nov. 3….
What Is Next for the United Kingdom?
October 31, 2022
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Bank of EnglandBoris JohnsonBusiness & MarketsBusiness ColumnistseconomyenergyEuropeliz trussOpinionrecessionRishi SunakUKUnited KingdomViewpointsWorld
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Commentary I wrote an article recently which stated that Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng might have cut their careers short. I did not expect both of them to be gone so soon. Now there is a new prime minister and a new chancellor. In the rush to replace Liz Truss,…
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