Interest Rates

Bank of England keeps interest rates unchanged at 5.25%

Following 14 straight rate rises, the Bank of England (BoE) has kept interest rates unchanged at 5.25%. At its latest meeting, the Monetary Policy Committee (MPC) voted by a slim majority of 5–4 to maintain the current rate, though four members preferred to increase the rate to 5.5%. The MPC…

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Retail sales growth slows in July amid heavy rain

The UK’s total retail sales increased by 1.5% in the four weeks to 29 July, against the 2.3% growth experienced in the same month last year. This was below the three-month average growth of 3.5% and the 12-month average growth of 3.9%, according to BRC data. This lacklustre growth in…

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BoE raises interest rates to 5.25%

The Bank of England (BoE) has raised interest rates for the 14th consecutive time to 5.25% in a bid to combat inflation. The bank’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target. At its meeting ending on 2 August 2023, the MPC voted by a…

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BoE raises interest rate to 15-year high

The Bank of England (BoE) has raised interest rates for the 13th consecutive time to 5%, the highest level in 15 years, after it was revealed that inflation remained at 8.7% in May. The BoE’s Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase the rate by…

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BoE raises interest rate for 12th time to 4.5%

The Bank of England (BoE) has raised interest rates for the 12th consecutive time to 4.5%, up from 4.25%. The BoE’s Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase the rate by 0.25% in a bid to meet the 2% inflation target. The committee said it…

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BoE raises interest rates to 4.25%

The Bank of England (BoE) has announced that interest rates will be raised by 0.25% to 4.25%, the highest rate in almost 15 years, following an unexpected rise in inflation last month.  The move marks the 11th consecutive increase from the BoE and follows the jump in inflation to 10.4%…

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BoE raises interest rates to 4%

The Bank of England (BoE) has announced that interest rates will be raised by 0.5%, bringing the base rate of interest to 4%, the highest level in 14 years. The increase, which is the tenth consecutive increase, was decided after the bank’s Monetary Policy Committee (MPC) voted by a majority…

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Bank of England raises interest rates by 0.5% to 3.5%

The Bank of England (BoE) has announced that interest rates will be raised by 0.5%, bringing the base rate of interest to 3.5%, the highest level in 14 years.  At a meeting held on 14 December 2022, the Bank’s MPC voted by a majority of 6-3 to increase rates by…

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BoE raises interest rates to 2.25%

The Bank of England has today (22 September) announced that interest rates will be raised by 0.5%, with rates rising from 1.75% to 2.25%. The latest announcement from the Monetary Policy Committee (MPC) comes as inflation remains at record highs for the UK, and marks the seventh consecutive rise in…

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Heatwave helps boost retail sales 2.3% in July

Retail sales increased 2.3% in July as the heatwave experienced across the UK helped boost demand for “hot weather essentials”, according to the latest data from the BRC and KPMG retail sales monitor. UK retail sales increased 1.6% on a like-for-like basis from July 2021, when they had increased 4.7%.…

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