UK interest rates raised by Bank of England after 2008
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By Rahul
May 11, 2023
The bank raised interest rates to 5% for the 12th time.
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The Bank of England said that Russia's invasion of Ukraine has caused prices to rise.
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The Bank of England raised interest rates as the coronavirus on the one hand and the war...
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...with Russia in Ukraine on the other hand limited everything,
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people spent less, reducing upward demand pressure on prices.
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Inflation will drop 5% by 2023.
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Food prices are high due to Russia's war in Ukraine and poor harvests in some countries.
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Bailey said the bank is "not giving guidance" on whether interest rates will go up.
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Economist Luke Bartholomew said, steps are being taken by the banks for this increase will happen only till this year.
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