BoE to decide on UK rate rise as inflation surges | Malay Mail

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BoE to decide on UK rate rise as inflation surges | Malay Mail
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LONDON, Nov 4 — The Bank of England could raise its main interest rate today for the first time since 2018 as the reopening of pandemic-hit economies causes inflation to surge worldwide, economists say. The BoE, led by governor Andrew Bailey, may hike borrowing costs from a record-low 0.1 per...

LONDON, Nov 4 — The Bank of England could raise its main interest rate today for the first time since 2018 as the reopening of pandemic-hit economies causes inflation to surge worldwide, economists say.

Markets are waiting also to see if the BoE decides to start tapering its huge cash stimulus that has help keep the UK economy afloat during the pandemic.The US Federal Reserve yesterday said it will start reducing the pace of its stimulus bond purchases later this month as the US economy makes a solid recovery from the pandemic.

The European Central Bank and Bank of Japan are holding fire for now on rates and stimulus, but central banks in countries such as Brazil, Singapore, South Korea and New Zealand have all increased borrowing costs recently. For its part, the British government is forecasting an annual average rate of 4.0 per cent over the next year — double the BoE target — after energy costs soared and reopening economies suffer from supply shortages.

“Today, the Bank of England is expected to raise rates, but that does not mean it will,” cautioned Markets.com analyst Neil Wilson.

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