BusinessCompany NewsBank pushes up interest rates to 5%

Bank pushes up interest rates to 5%

Quarter percentage point rise takes it to five-year high

The Bank of England has
increased UK interest rates to a five-year high of 5% because of inflation
concerns.

The rate rose by one quarter of a percentage point rise, something which was
widely expected by analysts.

This move is aimed to slow down inflation, which is currently running at 2.4%
– more than the government’s 2% target.

According to the BBC, the majority of analysts expect the Bank’s rate-setting
Monetary
Policy Committee
to increase rates again in the New Year.

Further reading:

Rates rise won’t affect consumer spending 

Them and US: How America’s downturn could hurt

ITEM club lifts economic predictions

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