BoE announces biggest interest rate hike in 33 years

As expected by the financial markets, the Bank of England (BoE) raised interest rates by 0.75% to 3.0% yesterday.

The rate hike is the BoE’s largest in 33 years since 1989 and the eighth in a row since December 2021. Inflation rose above 10% in September, its highest level in 40 years.

Previously, the BoE had raised its key interest rate by 0.50% to 2.25% at its September meeting. This disappointed investors, who had expected the BoE to raise rates by 0.75%.

The BoE will hold its last monetary policy meeting of the year on December 15.

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