When is the next interest rate announcement and will they rise?
The Bank of England could hike interest rates for the 11th consecutive month when its policymakers meet later this month.
The current inflation rate is 10.1 percent, while the current policy rate is four percent.
This would be the bank’s 11th consecutive rate hike since monetary tightening began in December 2021, adding pressure on homeowners and businesses.
After the interest rate hike expected for this month, most economists polled by Reuters expect the Bank of England to increase interest rates by 4.25 percent – even by 5.25 percent by the middle of the year.
Global consumer price inflation remains high, although it is likely to have peaked in many advanced economies, including the UK.
When is the next interest rate announcement?
The next interest rate announcement will be on Thursday 23 March.
The Monetary Policy Committee will release its MPC Summary and Minutes, including current interest rates.
The next monetary policy report is due on May 11th.
When was the last interest rate announcement?
The most recent announcement came on February 2, 2023, when the MPC voted by a majority of 7-2 to raise the interest rate by 0.5 percentage points to four percent.
Will interest rates rise?
Interest rates are expected to rise in 2023.
Since December 2021, the Bank of England has increased its interest rate from 0.1 percent to 3.5 percent.
The next rate hike is due next week, Thursday, March 23, and rates are expected to rise to 4.25 percent.
money on the market reports that the market forecasts that interest rates will rise to 4.6 percent by July 2023.
In the meantime, MoneyWeek reports that the markets expect interest rates to rise by as much as 5.25 percent.
capital economics forecasts that the interest rate will remain at four percent before peaking at five percent this year.
The UK is bucking the trend as inflation is already starting to fall in Europe and the US, but is proving far more difficult to keep under control here, where higher energy prices and a weak pound are keeping inflation numbers high and food inflation still so above 17 percent.
https://www.standard.co.uk/news/uk/interest-rates-announcement-bank-england-inflation-b1044513.html When is the next interest rate announcement and will they rise?