May 5, 2022

and now with the details Jeddah - Yasmine El Tohamy - The Bank of England raised its key interest rate to the highest level in 13 years on Thursday as policymakers around the world combat inflation fueled by high energy prices, Russia’s war in Ukraine and lingering concerns about COVID-19. The central bank’s Monetary Policy Committee voted 6-3 to raise interest rates for a fourth consecutive meeting, lifting the rate that the Bank of England pays other banks by a quarter-percentage point, to 1 percent. Those in the minority wanted to raise it even higher, to 1.25 percent. The decision comes a day after the US Federal Reserve stepped up its attack on inflation, approving the biggest rate increase in more than two decades and signaling that more are on the way. The Fed increased its key short-term rate by a half-percentage point, to a range of 0.75 percent to 1 percent. Other central banks around the world, from Sweden to Australia, also have started taking similar action. Soaring consumer prices in the UK are fueling a cost-of-living crisis marked by rocketing energy bills and surging food and transport prices. The Bank of England is struggling to show it is serious about reining in inflation without moving so aggressively that it undermines consumer confidence. “The Bank of England has a difficult job ahead of it — inflationary pressures from external factors are getting higher and higher,” Dmitri Theodosiu, head of foreign exchange and interest rates trading at Investec, said in a note to investors. “And with the cries of ‘higher, higher’ ringing in the ears comes the knowledge that too much intervention could see a damaging fall to the economy.” Britain’s inflation rate rose to a 30-year high of 7 percent in March, more than triple the central bank’s target of 2 percent. Economists expect inflation to reach 9 percent or more later this year. These were the details of the news Wartsila wins Egyptian power plant contract for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new. It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.