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Bank of England’s interest rate reached 14-year record level, increased for the 9th time in a row

Bank of England Hikes Interest Rates : An aggressive increase in interest rates is being seen from the Bank of England. Britain’s Central Bank has increased its key interest rate by 0.50 percent on Thursday. The Bank of England has taken this step at a time when the pace of inflation is slowing down. Interest rate hikes by the US central bank have slowed down, and the Euro bank is expected to adopt a dovish stance.

Big interest rate for the 9th time in a row

The Bank of England has increased its key interest rate by 0.50 percent to 3.5 percent. Which is its highest level in the last 14 years. This is the 9th consecutive time since December 2021, when the Bank of England has increased the interest rates. In its last meeting, the bank had increased interest rates by 0.75 percent, which was the highest increase in interest rates on its side in the last 30 years.

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Reached below the highest level of 40 years

This time the Bank of England officials have taken a less aggressive approach regarding the hike. According to the data released last week, inflation in Britain has reached below the highest level in the last 40 years. After this, this softening has been seen in the stance of the central bank.

swiss increased interest rate

The Swiss National Bank, the central bank of Switzerland, has also raised its key interest rates on Thursday. Central banks of other European countries can also increase their interest rates on the lines of the Federal Reserve, the central bank of America, to control inflation. The central bank of Switzerland has increased the policy rate by 0.50 percent.

A day earlier, the Federal Reserve had also increased by the same amount. An increase of 0.50 per cent from the Swiss bank shows its soft stance. Earlier in the month of September, it had increased by 0.75 percent, which was its biggest increase so far. The Swiss bank said that there has been some moderation in inflation in recent months and the retail inflation rate stood at 3 percent in November.

There will be a sigh of relief in the bank

According to the same media reports, UK economist Paul Dales, head of Capital Economics, says that this will give a sigh of relief to the Bank of England headquarters, but policy makers cannot be satisfied as the UK economy is proving resilient and wage growth is strong. It remains, he has said these things in a research. That’s why interest rates are still being raised further, Dales said, but banks will probably raise them more slowly and they will top out at a lower level than expected.

Interest will be at high level in 40 years

Earlier, the Central Bank of the United Kingdom has made this increase at a time when the rate of retail inflation in Britain has reached its highest level in the last 40 years in September. Significantly, the Bank of England had increased the interest rates by 0.50 percent even six weeks ago.

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