The Governor of the Bank of England, Andrew Bailey, said he was not satisfied with rising inflation, but that the central bank could do nothing more to avoid it.
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LONDON – Events Bank of England on Thursday made the fifth rate hike in a row as it appeared aimed at curbing soaring inflation.
The Monetary Policy Committee on March 6 voted to raise the Bank Rate by 25 basis points to 1.25%, with three dissenting members voting for a 50 basis point increase to 1.5%.
Banks face the impossible task of getting consumer prices back under control amid slowing growth and a rapidly depreciating currency, while the UK faces a cost crunch big activities.
At the May meeting, Bank raises base rate by 25 basis points to 1%to a 13-year high, but warned that the UK economy was at risk of falling into recession.
Since then, new data has shown that UK inflation rises to 40-year high of 9% every April when food and energy prices spiral upward, and the country faces a massive cost of living crisis. Bank inflation is expected to rise above 10% later this year.
The economy unexpectedly fell 0.3% in April after falling 0.1% in March, the first consecutive decline since April and March 2020, and the OECD has forecast that the UK will be the weakest G-7 economy next year as higher interest rates, increased taxes, reduced trade. and food and energy prices spiraling upward on households.
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