Bank of England Official Bank Rate
Event Date: Thursday, August 3, 2023
Event Time: 11:00 CET
Updated Sunday, July 30, 2023
The Bank of England (BOE) increased interest rates for the second time in many years in August last year after raising them in November 2017. They have been keeping them steady at 0.75% since then and are expected to keep them on hold with a unanimous vote, but the situation in Britain has become pretty difficult in recent months as we are here now without any solution in sight for Brexit, Theresa May is gone and the economy has taken a dive. We saw rate cuts from the FED in July, September, and another in October. But the BOE remained on hold as elections were approaching. They were forced to cut interest rates by 50 bps to 0.25% from 0.75% earlier this month and said that they might do so again, as coronavirus spreads. They brought them to 0.10% eventually. Although with inflation surging, the BOE has hiked rates many times already to 5.00% and is expected to increase them to 5.25% this time. Please follow us for live coverage in real-time of the event by experienced analysts.
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About Bank of England Official Bank Rate
The Official Bank Rate is the rate applied by the Bank of England (BOE) to overnight lending operations involving separate banking entities. It is determined by the Monetary Policy Committee, but the final decision on its application is made by the sitting BOE governor. Since July 2013, Mark Carney has served as BOE governor.A key driver of national monetary policy, the Official Bank Rate has a tremendous bearing on the value of the GBP. Any rise has a bullish impact upon the GBP, while a cut is viewed as extremely dovish. Historically, the Official Bank Rate has ranged from 0.25% to 17%.An announcement of the Official Bank Rate is a primary economic event. Participation is heightened and heavy volatilities are possible facing the GBP.