Bank of England raises interest rate for the ninth time in a row to 3.5%
Bank of England raises inter...
Subscribe to Newsletter

Bank of England raises interest rate for the ninth time in a row to 3.5%

15 December 2022
2 min.
Bank of England raises interest rate for the ninth time in a row to 3.5%

UK interest rates

The Bank of England has raised its rate for the ninth consecutive time, by 50 basis points, to 3.5 per cent per annum, according to a statement on the regulator's website.

"The Bank of England's Monetary Policy Committee (MPC) voted overwhelmingly to raise the bank rate by 0.5 percentage points, to 3.5%, at a meeting that ended on 14 December 2022. Two members opted to keep the bank rate at 3% and one chose to increase the bank rate by 0.75 percentage point, to 3.75%," the regulator said in a statement.

The Bank of England has been raising the rate continuously since December 2021. The British regulator said that if the economy develops in line with the forecasts of the November monetary policy report, further rate hikes may be needed for a sustained return of inflation to the target.

The publication of the results of the next Bank of England meeting will take place on 2 February 2023.

Also, two MPC members, LSE professors Swati Dhingra and Silvana Tenreyro, said that the cost-of-living crisis facing millions of households and rising interest rates already paving the way for higher mortgage costs means the economy will slow down without further rate hikes.

Catherine L. Mann, former chief economist at US bank Citi, believes a 0.75 percentage point increase is necessary to "reinforce the tightening cycle, which is important to counter the inflationary psychology that has been built into wage calculations and inflation expectations". It was over-voted.

The Bank of England has improved the UK GDP forecast compared to the November forecast. It now expects UK GDP to fall by 0.1% in the fourth quarter of 2022, 0.2 percentage points more than previously expected. Nevertheless, household consumption remains weak and most housing market indicators continue to decline, the regulator adds.

The UK labour market situation also remains tight although demand for labour has started to fall, the unemployment to vacancy ratio remains at a high level. Growth in regular private sector wages has also accelerated. Twelve-month inflation fell from 11.1% in October to 10.7% in November.

Persons3 and Companies4 in the news

member of the Monetary Policy Committee of the Bank of England
1 place
Professor of Economics at the London School of Economics and Political Science (LSE)
2 place
Economist at The London School of Economics and Political Science (LSE)
3 place
1 place
Bank of England
4 place
Source foto:
Rating companies
18 Mention
12 Mention
Daily Mail
9 Mention
Labour Party
6 Mention
X (Twitter)
6 Mention
Channel 4
6 Mention
The Sun
6 Mention


News -this is the latest and most up-to-date information about the resonant events that have occurred in the region. The task of the resource's news feed is to convey to readers information about important events in business, politics, economics, healthcare, culture and other spheres of life in England with maximum accuracy and objectivity.
News - this is coverage of the economic processes taking place in England, the latest news of public life, incidents and an overview of political events. English news is information about the activities of small and medium-sized businesses, the work of housing and communal services, the implementation of significant projects. The site's journalists describe not only the life of the region, but also talk about the current state of the English economy. Everything you need to know about innovations in the field of industry and agriculture, economy and government is collected in the "News" section on
News of England promptly informs the reader, shows the real picture and opens up topical topics. Communication with government structures and business gives us the opportunity to provide our readers with reliable, information-rich material.
The main page of the portal contains the key news of England!
Alena Potapova

Development Director
Died this year
Born this year