Bank of England raises UK interest rates by 0.25 points to 1.25% in an effort to tame spiraling inflation, despite fears over growth
London The United Kingdom's central bank has hiked interest rates for a fifth time since December in a bid to tame spiraling inflation.
The Bank of England said on Thursday that it would raise the cost of borrowing by 25 basis points to 1.25% despite fears that soaring prices are already squeezing households and weighing on economic growth. "Bank staff now expect GDP to fall by 0.3% in the second quarter as a whole, weaker than anticipated at the time of the May Report," the Bank of England said in a statement.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Summer months bring challenges to Wiregrass Area Food BankThe summer months typically mean rationing at the Wiregrass Area Food Bank. Supply chain issues aren’t making things any easier.
Read more »
Bank of Kyrgyzstan Issues Warning About Cryptocurrencies, Crypto Payments – Regulation Bitcoin NewsAmid the growing popularity of cryptocurrencies in Kyrgyzstan, the country’s central bank has reminded citizens about the associated risks.
Read more »
Tarrant Area Food Bank running low on food donations while demand increasesTAFB says they are struggling right now. Fewer donations over the last two months have depleted their food supply. And it’s not just one product. It’s all of them.
Read more »
Bank of Canada's Official: Crypto Needs Regulation Before It Becomes 'a Lot Larger' – Regulation Bitcoin News'We don't want to wait until it gets a lot larger before we bring regulatory controls in place,' said the senior deputy governor of the Bank of Canada. crypto cryptocurrency bitcoin $BTC
Read more »
European Central Bank Announces Emergency Meeting to Discuss Market RoutThe European Central Bank announced an unscheduled monetary policy meeting for Wednesday, at a time when bond yields are surging for many governments across the euro zone.
Read more »
US central bank ponders huge rate hike to combat price surgeThe US Federal Reserve is poised to raise borrowing costs Wednesday amid the troubling acceleration of inflation, with the only question being whether officials will opt for the biggest hike in nearly three decades or a smaller step up.
Read more »