UK central bank raises interest rate to 1.75 pct

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UK central bank raises interest rate to 1.75 pct

STORY: UK central bank raises interest rate to 1.75 pct DATELINE: Aug. 5, 2022 LENGTH: 00:01:29 LOCATION: London CATEGORY: ECONOMY SHOTLIST: 1. STANDUP (English): ZHAO XIUZHI, Xinhua correspondent 2. various of the Bank of England 3. various of streets in London, Edinburgh, Glasgow STORYLINE: STANDUP (English): ZHAO XIUZHI, Xinhua correspondent "Britain's central bank, the Bank of England (BoE), has raised its benchmark interest rate by 0.5 percentage points, to 1.75 percent. It is the largest rise in interest rates since 1995 and takes UK interest rates to a 13-year high." This is the sixth rate rise in a row since December last year as the BoE continued to battle the soaring inflation in the country. And the policymakers worried about its future growth. According to the BoE, the consumer price index (CPI) in the country is expected to rise to 13 percent in the fourth quarter of this year, and to remain at very elevated levels throughout much of 2023, before falling to the 2 percent target two years

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