Interest rates LIVE: Shock as BoE poised for BIGGEST interest rate hike in 27 years (Image: GETTY) SUBSCRIBE Invalid email We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info The Monetary Policy Committee voted by a majority of six to three in its June meeting to raise the interest rate for the fifth time in a row from one percent to 1.25 percent. The rate had been at its lowest ever level of 0.1 percent throughout the coronavirus pandemic before the MPC began raising it in response to skyrocketing inflation in December 2021. Inflation currently sits at around nine percent and is expected to exceed ten percent before the end of 2022, well above the two percent target set by the BoE. The bank is expected to raise the rate by half a percentage point to 1.75 percent, but some economists have pointed out that a lesser rise could be on the cards to flush away recession risks. Liz Martins, senior economist at HSBC Bank Plc in London, said: "The inflation picture has materially… Read full this story
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