News in Review Wednesday 22nd June 2022
The Monetary Policy Committee (MPC) voted to raise Bank Rate last week, hiking the rate from 1% to 1.25%, the fifth consecutive rate rise. The MPC voted six to three to raise the rate by 0.25 percentage points, with the members in the minority voting for a 0.5 percentage point rise to 1.5%. Pushing the Bank of England’s (BoE) benchmark rate above 1% for the first time since 2009; the increase was widely expected, with analysts believing another hike was necessary to rein in inflation.
