BoE hikes rate by biggest amount in 33 years | kuwaittimes

LONDON: The Bank of England will likely hold its interest rates at their current record lows tomorrow as it weighs runaway inflation against the possible economic impact of the Omicron coronavirus variant.n

BoE hikes rate by biggest amount in 33 years

By ahmadomar

November 03, 2022 | 03:47 p.m EDT

London: The Bank of England on Thursday hiked its interest rate 0.75 percentage points, the biggest increase in 33 years, to fight inflation set to peak around 11 percent in recession-hit Britain.

The BoE voted to lift borrowing costs to three percent, the highest level since the 2008 global financial crisis and said Britain was in a recession set to last until the mid-2024.

Interest Rate Hike Bank of England

November 03, 2022 03:47 PM

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