In the News
Biggest Rise in UK Interest Rates for 33 Years!
3rd November 2022
The Bank of England has raised UK policy interest rates by 0.75 percentage points to 3 per cent. This is the single biggest rate increase in more than three decades. The Bank of England chief Andrew Bailey was quoted as saying that it never feels good to raise interest rates - but it is their job.
The Bank is justifying the rise in rates on the grounds that the action is required to control inflation. It expects rates to peak at 4.5% next Autumn.
The Bank of England is forecasting a two-year recession. With real GDP falling until the end of 2024.
We will post some more comment and analysis in the hours ahead.
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Geoff Riley
Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.
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