BREAKING: The Bank of England will raise interests rates as much as they need to control inflation

GBNews published this video item, entitled “BREAKING: The Bank of England will raise interests rates as much as they need to control inflation” – below is their description.

They are trying to reassure the markets that the Bank of England has confidence in the Government’s fiscal policy.’

Paul Hawkins reports live outside the Bank of England following their announcement that they will raise interest rates as much as they need to control inflation.

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About This Source - GBNews

GB News is a free-to-air television and radio news channel in the United Kingdom. The channel is available on Freeview, Freesat, Sky, YouView, Virgin Media and via the internet. Since 4 January 2022, an audio simulcast of the station has been available on DAB+ radio.

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In This Story: Bank of England

The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government’s banker, and still one of the bankers for the Government of the United Kingdom, it is the world’s eighth-oldest bank.

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In This Story: Inflation

In economics, inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money.

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