Bank of England raises interest rate to 5 pct

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Bank of England raises interest rate to 5 pct

STORY: Bank of England raises interest rate to 5 pct DATELINE: June 23, 2023 LENGTH: 00:01:40 LOCATION: London CATEGORY: ECONOMY SHOTLIST: 1. various of Bank of England 2. various of streets in London 3. various of a supermarket in London STORYLINE: The Bank of England (BoE) has raised its benchmark interest rate by 0.5 percentage points to 5 percent, the central bank said in a statement on Thursday. At its meeting ending on Wednesday, the BoE's Monetary Policy Committee voted by a majority of seven to two in favor of the decision, the statement added. It came as the 13th consecutive rate hike since December 2021 as the central bank has battled against stubbornly high inflation, bringing the interest rate to the highest since 2008. The United Kingdom's (UK) consumer price index (CPI) rose by 8.7 percent in the 12 months to May, unchanged from April. This is 0.3 percentage points higher than expected in the BoE's May report. There has been significant upside news in recent data that indicates m

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