Bank of England pulls trigger on rate hike
Committee split 7-2, but Carney strikes hawkish note on need for further hikes
The Bank of England (BoE) announced today (November 2) that it has hiked its policy rate – the first UK rate rise in over a decade.
At a press conference announcing the Monetary Policy Committee’s decision, governor Mark Carney stressed the primacy of the inflation objective, which has been threatened by sterling’s weakness in the wake of the UK’s referendum decision to leave the European Union. Inflation hit 3% in September, 1 percentage point off target.
Today’s 25 basis point hike brings
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