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The Bank of England raised interest rates by 50 basis points to 1.75%, the largest rate hike in 27 years



Time:8/4/2022 12:02:32 PM

[The Bank of England raised interest rates by 50 basis points to 1.75%, the largest rate hike in 27 years] According to news on August 4, the Bank of England raised interest rates by 50 basis points to 1.75%, which was in line with market expectations and the largest rate hike in 27 years. The highest interest rate level since December 2008. The Bank of England said that the UK is expected to enter a recession in the fourth quarter of 2022. The recession will last for five quarters and GDP will fall by 2.1%. Eight members agreed to raise interest rates by 50 basis points, and one member supported a 25 basis point increase. Inflation will peak at 13.3% in October 2022 (June forecast was "just over 11%" in October 2022). (Golden Ten)

Other news:

Voice | Deputy Governor of the Bank of England: Consider joint development of digital currencies with other central banks: Dave Ramsden, deputy governor of the Bank of England, said that the Bank of England is very concerned about what should be done to provide public infrastructure to encourage private innovation. Jointly developing a digital currency with other central banks is worth considering because there is a big problem with the cost and efficiency of cross-border payments. He also said that we should keep challenging ourselves to see if we can do more, because consumer demand in both developed and developing economies is for efficiency. (Bloomberg) [2019/10/19]

Voice | The Governor of the Bank of England suggested creating a global electronic currency to reduce dependence on the US dollar: According to Xinhuanet, Bank of England Bank of England Governor Mark Carney said in Wyoming, USA on the 23rd that global central banks should unite to create An alternative reserve currency to reduce dependence on the US dollar and reduce potential risks. Carney suggested that a global electronic currency can be created through the electronic currency network of global central banks to weaken the strong influence of the US dollar on global trade and the impact of the US economy on the global economy, and ensure that emerging economies are protected from the destructiveness of US dollar capital outflows influence, and ultimately the creation of a multi-polar global monetary and financial system. [2019/8/24]

Voice | Governor of the Bank of England: DLT projects have the potential to unlock billions of pounds of capital and liquidity: according to Coindesk, Mark Carney, Governor of the Bank of England, said that distributed ledger technology ( DLT) projects have the potential to "unlock billions of pounds of capital and liquidity" and may one day see them working closely with central banks. In the wholesale market, a consortium of brokers is working to develop settlement systems using DLT technology, which could revolutionize the way markets work, Carney said. These consortiums, such as the Utility Settlement Coin, intend to issue digital tokens fully backed by central bank funds that allow for instant settlement. This can also interface with "tokenized assets" and smart contracts. This can improve the efficiency and resilience of operational processes, reduce counterparty risk in the system and free up billions of pounds of capital and liquidity for more productive uses. [2019/6/21]

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