The BoE went for a half a percentage point increase to interest rates, as it races to quell Britain’s chronic inflation problem.
| The Bank of England has turned the fire hose on Britain’s chronic inflation, pushing up its benchmark rate by half a percentage point after a series of quarter-point increases.
The MPC said it would watch the labour market, wages and services prices for “indications of persistent inflationary pressures”. Traders had sharply pushed up yields on UK sovereign bonds, taking them back to the crisis-inducing territory of former prime minister Liz Truss’s brief and turbulent reign last year.
So far, Chancellor Jeremy Hunt has said the fight against inflation is his priority. But if the government does offer some kind of relief to newly pinched borrowers, this will white-ant the Bank of England’s policy. “The greater share of fixed-rate mortgages means that the full impact of the increase in Bank rate to date will not be felt for some time,” the Bank admitted.
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