Britain's BoE raises interest rate to 0.75 pct

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Britain's BoE raises interest rate to 0.75 pct

STORY: Britain's BoE raises interest rate to 0.75 pct DATELINE: March 18, 2022 LENGTH: 0:00:40 LOCATION: London CATEGORY: ECONOMY SHOTLIST: 1 various of the Bank of England 2 various of the financial areas in London STORYLINE: Britain's central bank, the Bank of England (BoE), has once again lifted the benchmark interest rate to 0.75 percent in a move to combat the rising inflation, according to a BoE statement on Thursday. The Bank's Monetary Policy Committee (MPC) met on Wednesday and voted by a majority of 8-1 to increase the Bank Rate by 0.25 percentage points. The BoE has raised borrowing costs several times since December to bring down the country's soaring inflation, which reached a 30-year high of 5.5 percent in January. The committee expected Britain's inflation to grow further in the coming months, to around 8 percent in the second quarter in 2022, and perhaps even higher later this year. The MPC said the Russia-Ukraine conflict has "led to further large increases in energy and ot

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