Description
Added on the 03/08/2016 14:57:26 - Copyright : Reuters EN
The Bank of England scraps plan to cut interest rates as the slide in sterling prompts it to ramp up its forecasts for growth and inflation in 2017. Julian Satterthwaite reports.
The Bank of England says it will still probably cut interest rates to a fraction above zero later this year, despite signs it overestimated the initial shock to Britain's economy from June's Brexit vote. David Pollard reports.
The Bank of England's first rate cut since 2009 looks unlikely to be passed in full to borrowers, according to some. And, as Sam Vadas reports, it may not be a game-changer either.
The Bank of England holds its interest rate at a 16-year high, insisting it was not yet the right time to cut with inflation staying high despite a fall to just above three percent. "That's encouraging. But we are not yet at a point where we can cut bank rates," he tells a press conference. IMAGES
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
|
Support : Technical 
- Content 
- Editors 
