Bank of England raises rate to 4.25 pct

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Bank of England raises rate to 4.25 pct

STORY: Bank of England raises rate to 4.25 pct DATELINE: March 24, 2023 LENGTH: 0:02:09 LOCATION: London CATEGORY: ECONOMY SHOTLIST: 1. various of Bank of England and Royal Exchange in London STORYLINE: The Bank of England (BoE) has raised its benchmark interest rate by 0.25 percentage points to 4.25 percent, the highest since autumn 2008, according to a BoE statement issued on Thursday. At its meeting ending on Wednesday, the central bank's Monetary Policy Committee (MPC) voted in favor of the increase by a majority of 7-2, said the statement. This is the 11th consecutive rate hike since December 2021 as the BoE continues its fight against inflation, which unexpectedly jumped to 10.4 percent in February, far above the BoE's 2 percent target. But the higher-than-expected inflation data did not change the central bank's forecast of a fall in inflation for the second quarter of 2023. The bank said inflation will fall to a lower rate than anticipated in the MPC's February Report, due to government support

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