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Welcome to our live coverage of the Bank of England’s interest-rate decision due to be announced on Thursday. ... up from 1.66% in July 2023, just before it published a review. ... “The policy ...
Bank raises UK interest rate to 5 per cent from 4.5 per cent
The Bank of England‘s governor Andrew Bailey has described economic growth in the UK as “subdued”, as a major charity has warned that keeping interest rates unchanged at 5.25 per cent will ...
The Bank of England had increased the interest rate on 14 occasions since 2021 in an attempt to control inflation, and had not ruled out further increases, while warning the interest rate would remain high for some time. In January 2023, the government had set itself a target of halving inflation by the end of the year, and seemed on track to ...
The UK's rate of inflation was predicted to fall to 2.9% by the end of 2023, down from 10.7% in the final three months of 2022, while underlying debt was forecast to be 92.4% of GDP in 2023, rising to 93.7% in 2024. [14] [15] Government borrowing for 2022–23 was forecast to be £152bn. [16]
On Wednesday, the OECD said that UK interest rates, which currently stand at 4.75%, are expected to fall back to 3.5% by early 2026. It said that this was partly due to higher than expected inflation.
The Bank of England says that rising interest rates mean that mortgages for at least one million borrowers will rise by an average of £500 a month by the end of 2023. [508] The 2.6 GW Hornsea Project 4 is approved by the government, becoming the second-largest UK wind farm to receive planning consent, following Hornsea Project Three. [509] 13 July
UK interest rates could take longer to fall further after the Bank of England forecast that inflation will creep higher after last week's Budget. The Bank cut interest rates to 4.75% from 5% in a ...