Bank of England poised for big rate hike to tame inflation

From apnews.com

The Bank of England is expected to raise interest rates by as much as half a percentage point Thursday as it seeks to tame the double-digit inflation fueling a cost-of-living crisis, public-sector strikes and fears of recession. The move would push the U.K.’s key rate to 4%. Economists suggest this may be the last big rate increase for Britain’s central bank, which has approved 10 consecutive hikes since a post-pandemic surge in the world economy and Russia’s war in Ukraine drove inflation to 40-year highs. The U.S. Federal Reserve has already begun tapering its response, boosting its key rate by just a ... (full story)