Recent data emerging from Scotland's labour market has placed the Monetary Policy Committee's (MPC) next interest rate decision in a challenging position.
Bank Of England
In its 14th consecutive increase, the Bank of England has raised interest rates by 0.25 percentage points to 5.25%, a move that slows down the pace of increases as signs emerge that the persistently high inflation in the UK is starting to ease.
New data from the Bank of England shows significant shifts in the borrowing and deposit behaviours of UK households and businesses in May.
The Monetary Policy Committee (MPC) of The Bank of England has announced an increase to the base interest rate from 4.5% to 5%, marking the 13th consecutive rise. The decision was supported by a 7-2 majority, with members having preferred to maintain rate at 4.5%.
The Bank of England is expected to again hike the base rate tomorrow as UK inflation remained at a stubborn 8.7% last month, with core inflation, which excludes volatile items such as food and energy, reaching its highest level in 30 years at 7.1%.
April's UK inflation rate was reported at 8.7%, slightly higher than Bank of England's (BoE) forecast of 8.4%, but a drop from March's 10.1%. The deceleration in inflation was smaller than anticipated, leading to bond market sell-offs and mounting expectations for further interest rate hikes. The re
The Bank of England's Monetary Policy Committee (MPC) has today raised interest rates by a quarter of a percentage point to 4.5%, marking the 12th consecutive increase in borrowing costs.
Mortgage approvals in the UK increased significantly to 52,000 in March, up from 44,100 in February, as per the Bank of England's Money and Credit report.
Governor Andrew Bailey has revealed that the Bank of England is contemplating reforms to the UK's bank deposit insurance guarantee scheme, which may result in increased protection for customers.
The Bank of England's governor, Andrew Bailey, has downplayed the possibility of an impending financial crisis, characterising the recent sell-off of European bank stocks as investors "evaluating" lenders and asserted that the global financial landscape is not in the same position as before the 200
Amid instability in the US and European banking systems and an unexpected jump in inflation to 10.4% during February, the Bank of England has announced another increase to the base interest rate to 4.25%.
Members of the Bank of England's monetary policy committee (MPC) have voted to to increase the bank rate by 0.5 percentage points to 4%. The meeting took place yesterday and the vote to increase the rate by 0.5pp was a majority of 7–2. This is marks the tenth consecutive increase. Two members
Experts have said the Bank of England's Monetary Policy Committee may not increase interest rates by a further 50 basis points (bps) as previously expected, due to the likelihood of a deep recession lessening.
The governor of the Bank of England (BoE), Andrew Bailey, has suggested that the base rate will peak at 4.5%, down from a previously expected 6% or higher. The UK economy is will still enter a recession but the BoE's newest projections show that inflation is set to fall rapidly from spring.
In November, UK credit card borrowing reached its highest level since 2004 as pressure mounts on households from rising living costs.