Members of the Bank's nine-strong Monetary Policy Committee voted 6-3 to increase rates from 0.75% to 1%- the fourth time in a row that they have voted for a rise - taking rates to a level not seen since 2009.
Three members called for a bigger increase to 1.25% due to worries over rocketing inflation, with the Bank ramping up its forecast for Consumer Prices Index (CPI) inflation to rise from 7% currently to more than 10% in October - its highest level for 40 years - due to soaring energy prices.
In a grim set of forecasts, the Bank predicted that growth will contract in the final three months of 2022 as the cost squeeze sees households rein in their spending.
The UK is set to narrowly miss a technical recession, as defined by two quarters in a row of falling gross domestic product (GDP).
This story is from the May 06, 2022 edition of The Herald.
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This story is from the May 06, 2022 edition of The Herald.
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