When it comes to how the BoE makes interest rates decisions and sets interest rates, it is essential to know the role of the Monetary Policy Committee (MPC). Members of the MPC meet eight times a year after a briefing by staff from the central bank.
It is essential to remember that any changes in the US interest rate can impact the global economy. After all, America is the world’s largest economy. So whenever the Fed chair, Jerome Powell,
Understanding the relationship between interest rates and inflation can help you better manage your personal finances.
Chancellor of the Exchequer Jeremy Hunt came under severe pressure after his autumn budget statement, will his tax rises impact short-term interest rates? There is growing concern that delaying the worst tax rises for another two years will not help the Bank of England in its quest to control inflation. So, could there be more short-term pain before the tax increases have an impact?
An external MPC member from the Bank of England claims that interest rates in the UK are already higher than necessary in order to tackle inflation.
The Chief Economist of the Bank of England, Huw Pill, has warned that further interest rate hikes are on the cards due to a surge in the number of people retiring early.
A leading High Street bank, Santander, has increased the rate of interest paid on its flagship current account from 1.50% to 1.75%.
The RBA’s Philip Lowe has indicated that interest rate increases are set to continue for the foreseeable future, and that half-percentage point increases could become the norm.
Following the Chancellor’s decision to push back his autumn statement by over two weeks, the Bank of England has been left in the dark in the run-up to its next MPC meeting.
As Rishi Sunak finally becomes the UK’s Prime Minister, data has been released suggesting that the interest rate peak in the UK could be lower than originally forecast
