Central Banks

BOE Set to Deliver Biggest Rate Rise in 33 Years

UK central bank is trying to rein in double-digit inflation
Economists divided about how officials will change forecasts

WATCH: A 75-basis point increase in the BOE’s key rate is almost fully priced in by money markets and expected by economists. Lizzy Burden reports.Source: Bloomberg

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By Liza Tetley and Harumi Ichikura

November 3, 2022 at 12:00 AM UTC

This article is for subscribers only.

The Bank of England on Thursday is expected to deliver its biggest interest-rate increase in 33 years, stepping up an effort to rein in double-digit inflation.

The UK central bank announces its decision at 12:00 p.m. London time, with Governor Andrew Bailey leading a press conference a half hour later. Officials will publish their outlook for the economy and inflation, likely confirming a long recession is now under way.