As Bank of England hikes interest rate to 4.25 per cent, when is the next rise expected?

The Bank of England raised interest rates by 0.25 per cent to 4.25 per cent on March 23 in response to the unexpected surge in inflation earlier this week. This brings the interest rates to their highest point since the 2008 financial crisis, as the bank strives to combat inflation.

With this being the 11th consecutive increase in interest rates since the bank began tightening policy in December 2021, homeowners and businesses are feeling the added pressure.

What is the date of the next interest rate announcement?

The Monetary Policy Committee will release its MPC Summary and minutes, including the current interest rates, on May 11, 2023.

When was the most recent interest rate announcement?

On March 23, the MPC announced that the bank rate had increased from 4 per cent to 4.25 per cent.

Are interest rates anticipated to increase?

It is expected that interest rates will rise in 2023. Since December 2021, the Bank of England has raised its interest rate from 0.1 per cent to 4.25 per cent.

According to Money to the Market reports, there is a market projection that interest rates may climb as high as 4.8 per cent by July of this year. MoneyWeek's report suggests that the markets are anticipating interest rates to increase to 5.25 per cent.

On the other hand, Capital Economics has predicted that the interest rate will rise to 4 per cent on Thursday, and will reach its peak of 5 per cent later this year.

FAQs

1. Who is the Governor of the Bank of England?
   Andrew Bailey
2. Where is the Bank of England headquarters?
   Threadneedle Street, London