Bank of England hikes interest rates to 5%, stoking fears of a ‘mortgage bomb’
Headline from KTVZ Bend
By Hanna Ziady, CNN London (CNN) — The Bank of England raised interest rates by half a percentage point Thursday, after data this week revealed surprisingly stubborn inflation. The move will pile pain on people with mortgages and put more downward pressure on house prices.
KTVZ Bend's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.
By Hanna Ziady, CNN London (CNN) — The Bank of England raised interest rates by half a percentage point Thursday, after data this week revealed surprisingly stubborn inflation. The move will pile pain on people with mortgages and put more downward pressure on house prices.
LONDON (AP) — The Bank of England is poised to raise borrowing costs again on Thursday to combat stubbornly high inflation, which has failed to come down from its peak as quickly as expected.
England’s central bank hiked interest rates by an unexpected 50 basis points on Thursday to the highest level since 2008, in its 13th consecutive rate hike since late 2021.
The Bank of England raised its key interest rate by half a percentage point, a more aggressive rate rise than its peers as it seeks to curb the highest inflation rate in the Group of Seven wealthy countries.
