Tags: APFN | EU | Britain | Economy

Bank of England to Raise Rates for First Time in a Decade

Bank of England to Raise Rates for First Time in a Decade

Thursday, 02 November 2017 05:38 AM

LONDON (AP) — The Bank of England is poised to raise its main interest rate for the first time in a decade to keep a lid on a rise inflation caused by Brexit.

The bank is expected Thursday to lift its main rate by a quarter percentage point from the record low of 0.25 percent. That would be its first hike since July 2007, just before global credit markets started to freeze up ahead of the full-blown global financial crisis.

The main motivation would be to rein in inflation, which is above the target of 2 percent by a full percentage point. Inflation has spiked since the pound fell following last year's vote to leave the European Union. The economy, however, is growing only slowly and a rate hike could hurt it further.

© Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

   
1Like our page
2Share
Europe
The Bank of England is poised to raise its main interest rate for the first time in a decade to keep a lid on a rise inflation caused by Brexit.The bank is expected Thursday to lift its main rate by a quarter percentage point from the record low of 0.25 percent. That would...
APFN,EU,Britain,Economy
132
2017-38-02
Thursday, 02 November 2017 05:38 AM
Newsmax Media, Inc.
 
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved