Riyadh – Mubasher: The Bank of England announced today, Thursday, that it will raise the official interest rate to the highest level since 2008.
The Bank’s Financial Policy Committee voted in favor of raising the interest rate from 1.75 percent to 2.25 percent, as part of the bank’s plans to rein in the rising inflation, which reached 9.9 percent, the highest rate in nearly 40 years, according to the Saudi News Agency, “SPA.”
The Bank also expected that the British economy will record a negative growth rate during the second quarter of this year, which means that the economy will be classified in the “stagnation” category.
This comes following the decision of the Open Market Committee of the US Federal Reserve, yesterday, Raising interest rates by 75 basis points for the third time respectively, to reach between 3 percent and 3.25 percent.
