Bank of England base rate increases to 0.25%

16 December 2021

Following a Monetary Policy Committee (MPC) meeting on 15 December 2021, the Bank of England (BoE) has opted to increase the base interest rate to 0.25%. This has been done in order to maintain the target of 2% inflation, in a way that “helps to sustain growth and employment.”

The MPC voted eight votes to one to change the current bank rate, a move they had voted against in early November. The next date this is set to be reviewed is 3 February 2022.

With many factors linked to the current bank rate we will need to see how the proverbial dust settles and if this change will impact the inflation crisis currently gripping the nation.

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