(BFM Bourse) – The Bank of England has announced that it is postponing its monetary policy decision by one week after the death of Queen Elizabeth II.
The Bank of England (BoE) announced on Friday that its monetary policy meeting would be postponed for a week “in light of the period of national mourning now observed in the United Kingdom” after the death of Queen Elizabeth II. The national mourning, announced by the British government, must last until the funeral, scheduled in ten days.
“Given the period of national mourning in the UK, the September 2022 meeting of the Monetary Policy Committee has been delayed for a week. The decision will be announced on 22 September at noon,” the Bank said in a statement.
The BoE was due to release its monetary policy decision on Thursday, September 15. The Bank of England last month hiked rates by half a percentage point. It was then the largest increase in its key rates since 1995 and the sixth since December 2021 to try to stem inflation at 9.4% over one year, a record in 40 years.
Recession in sight
The Bank of England is also expected on this subject: engaged since the end of 2021 in a rise in its interest rates, it is struggling for the moment to stem British inflation, the highest of the G7 countries at most by 10%.
The institution is indeed betting on a continuation of the rise in prices, inflation being expected at more than 13% in October, which according to it will plunge the United Kingdom into recession until the end of 2023.
New Prime Minister Liz Truss announced on Thursday a massive aid package for British households and businesses in the face of soaring energy costs, which will notably result in a cap on bills of 2,500 pounds per year for a average household.
(With AFP)
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