FTSE off 1.2% after BOE rate hike

FTSE off 1.2% after BOE rate hike


Breaking

Bank of England raises key lending rate to 0.75%

The Bank of England on Thursday, as expected, raised its bank rate by 25 basis points, or a quarter of a percentage point, to 0.75%. The nine-member Monetary Policy Committee voted unanimously for the hike. “Since the May Inflation Report, the near-term outlook has evolved broadly in line with the MPC’s expectations,” the committee said in a statement. “Recent data appear to confirm that the dip in output in the first quarter was temporary, with momentum recovering in the second quarter. The labor market has continued to tighten and unit labor cost growth has firmed.” In a nod to difficult Brexit negotiations, the MPC said it “continues to recognize that the economic outlook could be influenced significantly by the response of households, businesses and financial markets to developments related to the process of EU withdrawal.:

Read on Market Watch

Share:

Author: HEDGE

Hedge Accordingly was founded ahead of the global financial crisis in January of 2008, with the goal of providing our readers our unique take on The Latest News on Wall Street, Stocks, #Politics and Business news. Hedge Accordingly produces both original, and aggregated #Wallst news content from top publishers around the world. We curate aggregated content covering the latest news on politics, stocks, wall street, and the tech industry. We also provide free stock charting, quotes and a bitcoin, forex and currency exchange. Learn More About HEDGEaccordingly.com