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Added on the 15/11/2016 15:40:43 - Copyright : Euronews EN
The Bank of England announces it will hold its key interest rate at 5.25 percent, a day after the Federal Reserve also froze borrowing costs as global inflation retreats. The BoE had already kept its rate steady at the central bank's previous monetary policy meeting in September, snapping a streak of 14 hikes in a row. But Governor Andrew Bailey says it is "much too early" to think about cutting rates. IMAGES
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
People wait in line at a food bank in Chelsea, Massachusetts, ahead of the Thanksgiving holiday, as the US grapples with supply chain challenges and increased prices caused by a surge in inflation. IMAGES
On Friday, Goldman Sachs predicted the UK's economy will grow 7% in 2021. The growth will be led by the coronavirus vaccine rollout and a Brexit trade deal. Over half of the country's population is expected to be immunized by March. Business Insider reports there will be a significant rebound in economic activity from the second quarter of next year. New trade restrictions are likely to weigh on potential growth in the coming years. Goldman said the drag will mostly be slow to materialize. UK GDP will end the year 11.7% under its pre-pandemic level, twice as much as Germany, France, and Italy.
Deutsche Bank chief John Cryan has pledged to redouble restructuring efforts, warning that the bank faces tough times as it seeks to finalise talks with U.S. justice authorities over a multi billion dollar fine. Sonia Legg reports.
Britain's European Union referendum could push up credit checks and weaken sterling more, the Bank of England has warned. As Sonia Legg reports, it's also moved to bolster banks risk buffers and slow a boom in lending to landlords.
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