Economy
Bank of England raises key lending rate to 0.75%
The Bank of England on Thursday, as expected, raised its bank rate by 25 basis points, or a quarter of a percentage point, to 0.75%. The nine-member Monetary Policy Committee voted unanimously for the hike.
“Since the May Inflation Report, the near-term outlook has evolved broadly in line with the MPC’s expectations,” the committee said in a statement. “Recent data appear to confirm that the dip in output in the first quarter was temporary, with momentum recovering in the second quarter.
The labor market has continued to tighten and unit labor cost growth has firmed.” In a nod to difficult Brexit negotiations, the MPC said it “continues to recognise that the economic outlook could be influenced significantly by the response of households, businesses and financial markets to developments related to the process of EU withdrawal.:
MarketWatch
-
Economy1 day agoDubai’s consumer electronics maker, Maser Group to invest $1.6bn in Nigeria, others
-
Oil and Gas1 day agoEdo govt, NNPC partner to establish 10,000bpd condensate refinery
-
Economy1 day agoFG inaugurates OGFZA, NEPZA boards for industrial growth
-
News1 day agoNigeria inaugurates economic strategy to harness $8 trn global halal market
-
Oil and Gas1 day agoOil falls as investors assess US-Iran talks
-
News1 day agoGlobal digital currency, Crypto market capitalization crashes to $2.2trn on extreme fear
-
Stock Market1 day agoNGX hits N110trn as market market capitalisation appreciated by 1.01%