News in Review Wednesday 10th November 2021
Following many hours of discussions, the Monetary Policy Committee (MPC) decided to retain the Bank of England (BoE) base rate at its record low of 0.1% at its meeting last week. The decision was made despite predictions of inflation hitting a peak of 5% next April. BoE Governor, Andrew Bailey, clarified that inflation is currently being fuelled by “global supply shocks” rather than demand pressure on the UK economy. “Putting interest rates up, I’m afraid, isn’t going to get us more gas” he said.
