Economic news
Bank of England Hikes Rates for Fifth Straight Time as Inflation Fears Loom
2022.06.16 14:26
By Scott Kanowsky
Investing.com — The Bank of England hiked interest rates to a new 13-year high as expected, becoming the latest central bank to tighten policy in a bid to stem soaring inflation.
The BoE’s base rate was increased for its fifth straight policy meeting, this time by 25 basis points up to 1.25%.
The British pound was weaker against the dollar following the announcement, trading lower by 0.77% at $1.2083 as of 07:02 a.m. ET (1102 GMT).
