THE GUARDIAN: Majority of MPC rate-setters back hike of 0.5 percentage points despite fears UK is entering a long recession
The Bank of England has raised interest rates by 0.5 percentage points to 3.5% in an effort to combat double-digit inflation that has caused a widespread cost of living crisis.
Members of the central bank’s monetary policy committee (MPC) voted to increase the cost of borrowing after the consumer prices index in November showed annual inflation of 10.7%.
A majority of the Bank’s rate-setting committee said the ninth increase in the base rate over the past year was necessary to bring down inflation by 2025 to its 2% target. » | Phillip Inman | Thursday, December 15, 2022
