BoE hikes rates 50bp as fiscal policy increases uncertainty

Divided MPC approves rate increase, but several members call for more aggressive hike

Bank of England
Photo: Juno Snowdon Photography

The Bank of England raised its policy rate by 50 basis points today (September 22), amid “exceptionally large” risks and an uncertain impact from major fiscal policy changes.

The decision, which split the monetary policy committee (MPC), took the BoE’s main rate from 1.75% to 2.25%. Five of the nine MPC members supported the decision, while three called for a 75bp hike and one preferred a 25bp move.

The MPC also approved plans today to begin actively selling assets bought under the BoE’s

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