Thursday, January 20, 2022

Rates rise as MPC tells markets it is taking care of inflation it cannot contain

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LThe final surprise was that the Bank of England did not act. There were some eyebrows raised this time as it became the first of the major central banks to push through a Covid rate hike.

The Omicron variant is beginning to freeze the economy again, with significant numbers of Brits putting themselves in lockdown, although the government, out of greater fear of its own recalcitrant backbenchers, is refusing to do the same.

This made the decision to raise interest rates from 0.1 percent to 0.25 percent much more balanced than before the sudden appearance and shockingly rapid adoption of the new variant.

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