Disclaimer: The information provided on the Timber Exchange Market Data Hub is sourced from a variety of publicly available data sources and confidential sources that have not been independently verified. Timber Exchange is not responsible for any expenses, damages, losses, or costs incurred as a result of using or relying on the information provided on this site. By using the Timber Exchange Market Data Hub, you agree to use the information at your own risk and acknowledge that any decisions made based on the information provided are done so solely at your own risk.
UK central bank to raise interest rates by 25 basis points to 4.5% in May

UK central bank to raise interest rates by 25 basis points to 4.5% in May

Posted on May 8, 2023   |  

The Bank of England (BoE) is expected to increase interest rates for the last time by a quarter of a percentage point to 4.5% to end the largest tightening cycle since late 1980.

The current interest rate is 4.25% following the recent 25 basis points rise at the monetary policy committee meeting in March 2023.

The BoE monetary policy board will meet on May 11. The interest rate hikes have helped slow activity and ease labor market tightness and brought inflation expectations a bit lower.

The BoE increased rates in December 2021, from historic lows of 0.1% to 0.25%, since then the bank saw interest rate hikes in 11 straight meetings.

In October, the inflation in the country soared to a 41-year high of 11.1% due to elevated food, transport, and energy prices.

In March 2023, in the UK, the inflation stood at 10.1% and the government aims to reduce the inflation to 2%.



Previous Next