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Added on the 31/08/2015 23:16:51 - Copyright : Reuters EN
"A decision on a pause was not made today," Fed Chair Jerome Powell says during a press conference when asked whether the US Federal Reserve has made the decision to pause rate hikes. SOUNDBITE
The Bank of England announces in a press conference it is hiking its key interest rate by 0.75 percentage points, the biggest increase in 33 years, to fight inflation set to peak around 11 percent in recession-hit Britain. The latest rate hike mirrors aggressive rate-tightening by central banks worldwide as economies battle the highest prices in decades. SOUNDBITE
The European Central Bank unleashes another jumbo interest rate hike on the eurozone in an effort to combat record-high inflation, which has soared towards 10 per cent, and bring rising prices under control. The decision has been made despite concerns mounting over a darkening economic outlook. "With this third major policy rate increase in a row" says Christine Lagarde, ECB President, "we have made substantial progress in withdrawing monetary policy accommodation." SOUNDBITE
Governor Andrew Bailey announces that the Bank of England will raise interest rates by 0.5% to 1.75%, a hike unprecedented since the Bank gained independence in the 1990s, in a bid to tackle surging price rises. British inflation jumped to a four-decade high of 9.4 percent in June, worsening a cost-of-living crisis as workers' wages fail to keep pace. SOUNDBITE
The U.S. economy's readiness - or not - for an interest rate rise is likely to once again take the global economic spotlight in the coming week, just a month before the U.S. presidential election. And many will also be watching the British pound - which took a pasting last week. Ciara Lee reports.
The first official budget figures since Britain voted to leave the EU show a smaller-than-expected budget surplus. As post-referendum data continues to trickle in, attention is turning to what sort of access Britain will seek with its main trading partners in the EU. Kirsty Basset reports.
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