Bank of England raises its benchmark rate by 75 basis points, its biggest hike in 33 years - 03 noiembrie 2022
The Bank of England on Thursday raised interest rates by 75 basis points, its largest single hike since 1989, and warned of a prolonged recession as policymakers looked to temper market expectations for further aggressive monetary policy tightening.
The 75 basis point increase takes the Bank Rate to 3%, its eighth consecutive hike to the main lending rate, after the Monetary Policy Committee voted 7-2 in favor. One member voted for a 0.5 percentage point rise while one preferred a 0.25 increase. However, the Bank appeared to challenge the market’s pricing of future rate rises.