Bank of England raises rates to 4 pct

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Bank of England raises rates to 4 pct

STORY: Bank of England raises rates to 4 pct DATELINE: Feb. 3, 2023 LENGTH: 00:02:37 LOCATION: London CATEGORY: ECONOMY SHOTLIST: 1. various of Bank of England 2. various of BoE February press conference 3. various of London streets and supermarket STORYLINE: The Bank of England (BoE) raised its benchmark interest rate on Thursday by half a percentage point to 4 percent, its highest level since autumn 2008. At its meeting on Wednesday, the BoE's Monetary Policy Committee (MPC) voted in favor of the increase by a majority of 7-2, the bank said in a statement. This is the 10th consecutive rate hike since December 2021 as the BoE continues its fight against inflation, which slowed to 10.5 percent in December 2022 from a 41-year high of 11.1 percent in October. "Global consumer price inflation remains high, although it is likely to have peaked across many advanced economies, including in the United Kingdom (UK)," the BoE said, adding that domestic inflationary pressures have been firmer than expected.

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