Bank of England hikes rates like Fed amid financial turmoil
Britain’s central bank boosted its key rate by a quarter-percentage point to 4.25% on Thursday, a day after the US Federal Reserve approved a similar move to tame inflation that is crimping household budgets and slowing economic growth
London: The Bank of England is focusing on inflation, announcing an 11th consecutive interest rate increase despite concerns about the economic fallout from troubles in the global financial system.Britain’s central bank boosted its key rate by a quarter-percentage point to 4.25% on Thursday, a day after the U.S. Federal Reserve approved a similar move to tame inflation that is crimping household budgets and slowing economic growth.The decision came after the U.K. statistics agency surprised policymakers Wednesday by reporting that inflation accelerated to 10.4% in February, driven by the cost of food, clothing and dining out.Before the figures were released, many analysts had expected the Bank of England to keep rates on hold following the collapse of two U.S. banks and the ensuing turmoil at Switzerland’s Credit Suisse.Read all the Latest News, Trending News, Cricket News, Bollywood News,India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.
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