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Interest rate set for another big rise - eventually

The next meeting of the Bank of England’s monetary policy committee has been delayed by a week.

A tweet from the BoE on Friday made the announcement, saying: “In light of the period of national mourning now being observed in the United Kingdom, the September 2022 meeting of the Monetary Policy Committee has been postponed for a period of one week. The Committee’s decision will be announced at 12 noon on 22 September.”

The committee last met on August 4 when it voted to raise the base rate from 1.25 to 1.75 per cent - the sixth consecutive rise in a row as the Bank grappled to curb the rising inflation rate.


The rate is at its highest level since December 2008 after the biggest single rise since 1995. 

Many analysts expected the original scheduled meeting for September 15 - this Thursday - to have seen a further rise to 2.25 per cent, the highest level since December 2008.

The decision will now be made a week later.

The new Chancellor, Kwasi Kwarteng, has declared his "full support for the independent Bank of England and their mission to control inflation, which is central to tackling cost of living challenges".


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