Bank of England raises interest rate by 0.5%, decision taken to control inflation

Britain’s central bank has raised its key interest rate by half a percentage point. However, it has avoided more aggressive measures taken by the US Federal Reserve and other central banks to control inflation.

Britain’s central bank has raised its key interest rate by half a percentage point.

Britain’s central bank has raised its key interest rate by half a percentage point. However, it has avoided more aggressive measures taken by the US Federal Reserve and other central banks to control inflation. The Bank of England on Thursday raised its main interest rate to 2.25 percent. The bank had increased these by half a percent last month as well, which was the biggest increase in the last 27 years.

Delay in decision due to death of Queen of Britain

Due to the death of Britain’s Queen Elizabeth II, the Bank of England has delayed the decision to increase the interest rate by a week. The central bank has continued the process of raising interest rates to control rising food and energy prices.

Earlier, the US Federal Reserve had increased rates for the third time in a row by 0.75 percent.

Let us tell you that the domestic stock markets fell for the second consecutive day on Thursday and the Sensex closed with a fall of more than 300 points. Today’s fall in the stock market has been registered after a sharp increase in interest rates by the US Federal Reserve and weak signals from markets around the world. In today’s trade, the 30-share Sensex closed at 59,120 points, down 337 points, or 0.57 percent. During the trading, the Sensex also saw a fall of more than 600 points at one time. At the same time, the Nifty of the National Stock Exchange also closed at 17,630 points, down 88 points or 0.50 percent.

PowerGrid, HDFC Bank, HDFC Ltd., Axis Bank, Bajaj Finserv, ICICI Bank and UltraTech Cement were the main losers in the Sensex stocks. On the other hand, the gainers include Titan, Hindustan Unilever, Asian Paints, Maruti and ITC. In other Asian markets, South Korea’s Kospi, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hang Seng were among the losers. Vinod Nair, Head of Research, Geojit Financial Services, said the Federal Reserve has been more aggressive than expected and has reduced policy rates. It has indicated to increase to 4.4 percent by the end of the year.

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