Bank of England Delayed Rate Decisions after the Queen’s death
The British Central Bank said the Monetary Policy Committee (MPC) for rate adjustment will hold the next meeting a week later which was scheduled on Thursday because the British observes the national mourning period.
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Business, financial institutions, and trade unions have canceled or postponed events as a sign of respect to the Queen, with the Bank of England postponing the decision to raise interest rates to overcome the soaring inflation.
The committee’s decision will be announced at noon on September 22.
The bank was expected to increase interest rates by at least 0.5%, compared to the current level of 1.75%, in response to inflation reaching the highest levels since the early 1980s.
Bank of England’s decision to postpone the MPC meeting will provide more time to consider options to respond to inflation after Liz Truss announced plans to freeze household energy costs by £ 2,500 for ordinary households for two years from October.
The Committee will also be able to examine the latest figures for the economy, labor market, and inflation data for August, after the National Statistics Office confirmed that it was planning to continue with the publication of figures announced next week.
Bank of England Delayed Rate Decisions after the Queen’s death
