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The Bank of England is expected to hold interest rates steady at 4.75 per cent on Thursday after it was revealed that inflation in November rose to 2.6 per cent, above the central bank’s target.
The Bank of England has cut interest rates for the second time this year, in good news for mortgage-holders and other borrowers.. Policymakers at the Bank of England opted to reduce interest rates ...
In 2013, the Governor of the Bank of England Mark Carney stated that the Bank would only raise interest rates when the official unemployment rate fell to 7% or under. [28] In the three months leading to April 2014 the official unemployment rate fell to 6.9% [ 22 ] but economists suggested it was still too soon to see any upward movement in ...
UK interest rates have been held at 4.75% following a divided vote among Bank of England policymakers, as they weighed up concerns over a stagnating economy and persistent inflation. The Bank’s ...
In response to this news, Hunt said that reducing inflation from "dangerously high levels" was the government's priority. [31] The following day, the Bank of England raised its baseline interest rate for the 11th consecutive time, from 4% to 4.25%, in response to the unexpected growth of inflation. [ 32 ]
He took up the role in November 2013 and is an ex officio member of the Bank's Financial and Monetary Policy Committees and its Court of Directors. [7] He replaced Paul Tucker when the latter was passed over for promotion to Governor in favour of Mark Carney , and chose instead when the announcement was made in June 2013 to lecture at Harvard .
The Bank of England reduced the base rate from 5 per cent to 4.75 per cent on Thursday, following a 0.25 percentage-point cut in August, which was the first drop in four years.
Announced on 6 May 1997, only five days after that year's General Election, and officially given operational responsibility for setting interest rates in the Bank of England Act 1998, the committee was designed to be independent of political interference and thus to add credibility to interest rate decisions.