Bank of England makes first rate hike since 2023
MPC votes shift from 3-6 to 8-1 in favour of 25bp increase to 4%
The Bank of England today (November 5) hiked rates by 25 basis points to 4%, in line with market expectations.
The decision was reached by an 8-1 majority vote on the bank’s monetary policy committee (MPC). It is the first rate hike since August 2023, and comes after the committee held policy at 3.75% for 10 consecutive meetings. The sole dissenter on the MPC was Catherine Mann, who voted to tighten policy by 50bp. At the previous MPC meeting, only three dissenting members voted for a 25bp hike
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: www.centralbanking.com/subscriptions
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Monetary policy decisions
Brazil ends easing cycle following Lula’s election win
Resistance to addressing imbalances could risk ‘perennial debate’ on fiscal dominance, says economist
RBA tightens policy to 18-year high
Governor says hike targets domestically driven inflation rather than direct effects of oil price rises
Colombia holds rates and shores up reserves by $2bn
Central bank says move to purchase dollars from government ensures it can weather potential shocks
China sets overnight rate as benchmark in de facto easing
Analysts see greater transparency but expect lower rate to have limited impact on lending
BoJ says 2% inflation target has been met as it holds policy
Pause comes as central bank speeds up timeframe for ETF selloff from 112 years to 43
ECB holds rates as it waits for ‘additional information’
Lagarde says her need to speak out on wider issues was key reason for her announced departure
Fed holds rates as Warsh cuts number of meetings
Cook and Hammack push for 25bp hike as chair announces strategy-focused meetings with no policy decisions
Bank of Canada tightens policy for first time in a year
Macklem says governing council made ‘tricky’ decision to hike rather than hold