The United Kingdom s central bank has hiked interest rates for a fifth time since December in a bid to tame spiralling inflation, reports said.The Bank of England said on Thursday that it would raise the cost of borrowing by 25 basis points to .
Bank of England hikes interest rates again webindia123.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from webindia123.com Daily Mail and Mail on Sunday newspapers.
The Bank of England on Thursday increased for the fourth consecutive time the base rate interest to 1% in an attempt to contain inflation and despite admitting the prospect of recession. The energy crunch, the Russian war in Ukraine, and lesser household incomes are expected to contribute to weaker growth.
<h2>Monetary Policy Summary, May 2022</h2>
<p>The MPC sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. At its meeting ending on 4 May 2022, the MPC voted by a majority of 6-3 to increase Bank Rate by 0.25 percentage points, to 1%. Those members in the minority preferred to increase Bank Rate by 0.5 percentage points, to 1.25%.</p>