Bank of England hikes interest rates amid soaring inflation
“In view of continuing signs of robust cost and price pressures, including the current tightness of the labour market, and the risk that those pressures become more persistent, the Committee voted to increase Bank Rate by 0.25 percentage points, to 1.25%, at this meeting,” the committee said in a statement
By Shubhangi Mathur
Published - Jun 17, 2022, 01:43 AM ET
Last Updated - Mar 04, 2024, 08:58 AM EST
• The Monetary Policy Committee increased the rates by 25 basis points to 1.25%
The Bank of England on Thursday hiked interest rates for the fifth time in a row due to the soaring inflation.
The Monetary Policy Committee voted 6-3 to increase the rates by 25 basis points to 1.25%.
“In view of continuing signs of robust cost and price pressures, including the current tightness of the labour market, and the risk that those pressures become more persistent, the Committee voted to increase Bank Rate by 0.25 percentage points, to 1.25%, at this meeting,” the committee said in a statement.
