As it continues to fight double-digit inflation, the Bank of England is anticipated to hike the United Kingdom interest rate by 25 basis points to 4.5% in May 2023. This will be the eleventh consecutive rate increase and drive borrowing rates to new highs not seen since 2008. In March, the UK’s annual inflation rate was 10.1%, which is five times greater than the 2% target set by the central bank. Investors will be keenly monitoring the central bank’s future plans to determine whether decision-makers plan to soon cease the tightening cycle or continue raising rates. The BoE will also release its quarterly economic estimates, and most investors believe that the GDP and inflation will be revised higher in 2023. Source: Bank of England
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