Friday, August 5, 2022

The Bank of England is raising interest rates and warning of very poor prospects

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A 0.5 percent rate hike? We knew this was coming. It became apparent once the Bank of England’s home team on the rate-setting Monetary Policy Committee (MPC) followed the lead of its outside hawks with ‘get tough’ speeches.

No, the real bad thing was the economic forecasts that came out with the rate hike. That was bad. They were hideous.

The bank’s language was matter-of-fact and measured, as it usually is, but with the content it laid it down as thickly as a child spreading a jar of Nutella on a slice of bread.

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