The Epoch Times ByÂ
The Bank of England (BoE) approved a third consecutive interest rate hike March 16 amid rising concerns about inflation.
Itâs the first time since 1997 that the central bank has raised rates three times in a row.
âThe (bankâs) MPC (Monetary Policy Committee) sets monetary policy to meet the 2 percent inflation target, and in a way that helps to sustain growth and employment. At its meeting ending on 16 March 2022, the MPC voted by a majority of 8-1 to increase Bank Rate by 0.25 percentage points, to 0.75 percent. One member preferred to maintain Bank Rate at 0.5 percent,â BoE said in a March 17Â news release.
