The Bank of England started the cycle of tightening monetary policy by hiking the UK Base Rate to 0.25%, the first-rate hike in over three years, at the last Monetary Policy Committee meeting of 2021. Get your Q1 GBP forecast from nickcawley1 here:
The Bank of England started the cycle of tightening monetary policy by hiking the UK Base Rate by 15 basis points to 0.25%, the first-rate hike in over three years, at the last Monetary Policy Committee meeting of 2021. And additional rate hikes are already penciled in by economists for 2022 as UK inflation hits extreme levels last seen over 10-years ago.
UK headline inflation is now running at 5.1% on an annualized basis, the highest level since September 2011, according to the November Office for National Statistics report, as the cost of goods in the inflation basket surge. Source: TradingEconomics.com/Office for National Statics