The Central Bank of England decided to vote on raising interest rates by 50 basis points at its first meeting in the year 2023 moments ago, to reach 4%, as is expected to raise interest rates for the tenth time in a row, by a majority of 7 members to raise interest rates by 50 basis points, while two members voted to maintain levels The 3.5%.
The interest statement issued by the bank stated that inflationary pressures were stronger than expected, but the bank expects the annual consumer price index to reach 4% by the end of this year.
The statement also mentioned that if there are indications of more continuing pressures, the Bank will not hesitate to tighten further until inflation returns to the Bank’s target of 2% in a sustainable manner.
The British Pound reacted positively after the initial reaction meeting, to test 1.2390 levels, before retreating and trading now at 1.2307 levels.
01/11/2024
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