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U.K. Raises Interest Rates
The Bank of England has raised its key interest rate to 0.75% from 0.5%, the index’s highest level in more than nine years.
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The Bank of England has raised its key interest rate to 0.75% from 0.5%, the index’s highest level in more than nine years.
The central bank says the hike is justified by an uptick in household spending and an expected “modest” growth rate in gross domestic product of 1.4% this year and 1.8% in 2019.
BoE says the increase, its second in 10 years, will be followed by others on a “limited and gradual” basis.
Some business groups complain that today’s move is poorly timed, given uncertainties about the outcome of the U.K. exit from the European Union next year. The bank’s governor tells BBC News that BoE will cut rates again if necessary.
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