Bank of England Base Rate Change Today

  It's the fastest increase in borrowing costs in a quarter of a century as it tries to quell the danger of the leap in infection. But the bank of England must also tread carefully to avoid a recession. Even with inflation at 7%, it's more than three times its target and is still rising. 

 Last month, Governor Andrew Bailey said he and his colleague were walking a very tight line to steer the world's biggest economy, the UK, through the global post-Pandemic inflation. It's a day after US Federal Reserve raised its benchmark rate by half a percentage point, its biggest height since 2000. As we told you, Britain's central bank is expected to announce a quarter-point increase, taking the bank rate to 1%. It was Fed to increase in borrowing costs since the Pandemic, whereas the bank of England's expected hike would be the fourth in a row and raised bank rate to its highest since 2009. Investors yesterday priced in a less than one in three chance of a Fed-style half percentage point high.

 Bank of England sterling, meanwhile, has languished around a 21-month low against the dollar on worries about the British economic outlook, signs of a slowdown, and even a possible recession. They are mounting, with consumer confidence closing to a record low and retail sales falling two months in a row as the cost of living squeezes titans von. Now available in your country.