The Bank of England announced on Thursday (22nd) that it would raise interest rates by 2 yards, raising the interest rate to 2.25%.
(European News Agency)
[Financial Channel/Comprehensive Report] The Bank of England announced on Thursday (22nd) that it would raise interest rates by 2 yards, which was lower than market expectations of 3 yards, and the interest rate was raised to 2.25%.
"CNBC" reported that the European Central Bank, the U.S. Federal Reserve (Fed) and the Swiss National Bank have all announced three rate hikes this month, and the Bank of England has followed suit, raising interest rates for the seventh time this year.
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In addition, the U.S. hawkish interest rate hike led to a stronger dollar, and the pound hit a record low against the dollar this week, falling below $1.13 as of Thursday (22nd).
Many analysts, chambers of commerce, and the Bank of England itself have said they expect the UK to be in recession by the end of the year, and in addition to soaring energy prices, the pandemic, Brexit, falling consumer confidence and retail sales are all posing serious challenges for the UK. One of the bottleneck factors in trade.
In addition, the British government organized by the new Prime Minister Truss will announce a new fiscal spending plan this Friday (25th) to curb soaring energy bills by households and businesses, and reduce taxes to promote economic growth.
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