Bank of England hikes rate despite banking turmoil | The Guardian Nigeria News - Nigeria and World News

Governor of the Bank of England Andrew Bailey addresses the media on the Monetary Policy Report at the Bank of England, in London, on August 4, 2022. – The Bank of England unleashed Thursday its biggest interest rate hike since 1995, and forecast inflation will top 13 percent this year, when Britain will enter a year-long recession. The bank’s Monetary Policy Committee voted 8-1 in favour of lifting its key interest rate by 0.50 percentage points to 1.75 percent.

“If there were to be evidence of more persistent pressures, then further tightening in monetary policy would be required.”

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