November 3, 2022
The Bank of England is widely expected to hike its key interest rate on Thursday by the biggest amount since 1989 as it bids to cool sky-high British inflation.
Following a regular meeting, the BoE is expected to lift borrowing costs by 0.75 percentage points to three percent, according to market consensus, which would be the highest level since the 2008 global financial crisis.
Some analysts, however, are predicting a rise of one percentage point, also a 33-year high.
The move would mirror aggressive rate-tightening by central banks worldwide as economies battle the highest prices in decades.
Ahead of the UK decision, the London stock market opened sharply lower after the US Federal Reserve sprang a fourth consecutive hike of 0.75 percentage points — and its boss Jerome Powell suggested they would go higher than expected.