The Bank of England raised interest rates by 0.5 percentage point to 3.5%, following the Federal Reserve in slowing the pace of increases as inflation edges lower.
The BOE’s decision follows a similar move by the Swiss National Bank on a busy day for Europe’s most influential central banks. Investors expect the European Central Bank to announce a 0.5-point rate increase later Thursday. Both the BOE and the ECB have been battling all year with inflation that has spiraled to multidecade highs, partly fueled by a surge in energy prices following Russia’s invasion of Ukraine.
The Bank of England raised interest rates by 0.5 percentage point to 3.5%, following the Federal Reserve in slowing the pace of increases as inflation edges lower.
The BOE’s decision follows a similar move by the Swiss National Bank on a busy day for Europe’s most influential central banks. Investors expect the European Central Bank to announce a 0.5-point rate increase later Thursday. Both the BOE and the ECB have been battling all year with inflation that has spiraled to multidecade highs, partly fueled by a surge in energy prices following Russia’s invasion of Ukraine.