Bank Of England Interest Rate Hike 2022: The bank has made the biggest increase in the last 30 years, hoping to control rising inflation in the UK. The Bank of England has increased its interest rate on Thursday, 3 November. This time the bank has increased the interest rates by 0.75 percent.
Interest reached the highest level in 40 years
This aggressive increase in interest rates has been done by the Bank of England. The United Kingdom’s central bank made this increase at a time when retail inflation in Britain reached its highest level of 40 years in September. Significantly, the Bank of England had increased interest rates by 0.50 percent even 6 weeks ago.
Decision taken to control inflation
It is known that this central bank of Britain has taken a decision to control inflation after Russia’s invasion of Ukraine and the recent disastrous economic policies on behalf of former Prime Minister Liz Truss. The Bank of England’s key interest rate has now increased by 0.75 percent to 3 percent.
8th time increase in interest rate
Let us tell you that the Bank of England has announced an increase in interest rates after its meeting for the 8th consecutive time. This shows that the inflation crisis in England is very big and after all the efforts of the central bank and the government, there is no relief from inflation yet. This is a big challenge for the new Prime Minister of Britain, Rishi Sunak.