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Economic Indicators

3 Feb 2022

Bank of England Raises Interest Rates to Counter Mounting Inflation

The Index Today

The Bank of England (BoE) on Thursday hiked its interest rates to 0.5% amid concerns that the current pandemic-induced inflation will soon cross 7%.

Despite the current rate hike, four out of its nine policymakers wanted the central bank to raise the interest rate further to 0.75%. This could have been the largest hike in interest rates since the BoE became functionally independent 25 years ago.

The present hike comes amid its previous rate increase in December which made the Bank of England the first major central bank in the world to boost borrowing rates to control rising inflation.

The inflation rate is set to rise again at around 7.25% in April, the highest in England since the 1990s.

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