![]() ![]() The Swiss and Norwegian central banks hiked their rates on Thursday ahead of the BoE decision. The European Central Bank last week raised its borrowing costs by a quarter point. However, shock data on Wednesday showing UK inflation holding at 8.7 percent in May dashed hopes of a slowdown and sparked bets on a larger half-point hike.Įither move would bring the BoE rate to the highest level since the 2008 financial crisis and further dent economic activity.Ī half-point hike would be in stark contrast to the Federal Reserve, which last week pressed pause on US rate hikes after a sharp easing in the country's inflation. The BoE had been expected to raise its key lending rate, which stands at 4.50 percent, by another quarter point to combat inflation that is the highest among G7 nations. ![]()
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