The Bank of England raised its benchmark interest rate to 0.5%

Xinhua News Agency London, February 3 (Reporter Yang Hairuo zhao Xiuzhi)The Bank of England raised its benchmark interest rate to 0.5 percent from 0.25 percent on Wednesday.Bank of England minutes released on The same day showed that the current tight labor market in the UK and signs of more persistent domestic cost and price upward pressure, the need to raise the base rate by 0.25 percentage points.The Bank expects consumer price inflation to continue rising in the coming months, peaking at 7.25 per cent in April, higher than previously forecast.’If the economy develops in line with current expectations, there will be a further modest tightening of monetary policy in the coming months,’ the Bank said.Paul Dales, chief UK economist at Capital Economics, said the Boe’s policy was more hawkish than previously expected, with three more rate rises expected in 2022, taking the base rate to 1.25%.In December 2021, the Bank of England raised its base rate from a historic low of 0.1% to 0.25% in response to rising inflationary pressures.That month, THE UK CPI rose 5.4% year on year, the highest in nearly 30 years.Disclaimer: This article is reproduced for the purpose of conveying more information.If the source is wrong or violated your legitimate rights and interests, please contact the author with proof of ownership, we will promptly correct, delete, thank you.Email address:

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