How does the Bank of England set interest rates?


How does the Bank of England set interest rates?

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Interest rates are decided by a team of nine economists who make up the Bank of England’s Monetary Policy Committee and meet eight times a year to look at how the economy is performing.

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The BoE delayed its meeting on interest rates from 15 September to today following the death of Queen Elizabeth II.

The previous meeting in August saw rates raised by half a percentage point to 1.75% - the biggest increase in 27 years.

The last time rates were this high was during the global financial crisis in December 2008.

If the bank raises the rates by three-quarters of a percentage point today, it will be the largest increase since 1989 - barring a failed attempt to support sterling on Black Wednesday in 1992 which was later unwound.

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