Reported 28 days ago
The Bank of England is anticipated to lower its benchmark interest rate by 25 basis points to 4% on Thursday, despite a spike in inflation. This decision comes as Britain's economy grapples with tax hikes and declining consumer confidence, leading to slower hiring and back-to-back contractions in GDP. BOE officials maintain that current inflationary pressures will be temporary and are focusing on encouraging growth, even as they acknowledge the challenges posed by increased payroll taxes and minimum wage hikes.
Source: YAHOO