Bank of England Hikes Repo Rate by 75bps — UK's 30-Year Fixed Mortgage Rate Jumps to 7%
On Nov. 3, 2022, the Bank of England followed the U.S. Federal Reserve by codifying the eighth consecutive benchmark bank rate hike by 75 basis points . The increase brings the United Kingdom’s main lending rate to 3%, after a majority of the Monetary Policy Committee members voted in favor of the 75bps increase.
Bank of England Hikes Repo Rate by 75bps, Monetary Policy Committee Insists More Rate Increases Will Be Needed to Obtain 2% Inflation Rate Goal Seven out of nine MPC members voted in favor of a 75bps rate hike, while two MPC members voted for lower increases. According to the MPC, one member wanted a 50bps hike, while another voted for a 25bps increase. The Bank of England’son Thursday was the largest jump in 33 years or since 1989, and the MPC expects more rate increases will be required to tame inflation.
“The majority of the Committee judges that, should the economy evolve broadly in line with the latest Monetary Policy Report projections, further increases in Bank Rate may be required for a sustainable return of inflation to target, albeit to a peak lower than priced into financial markets,” the MPC explained on Thursday.
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