The U.K.'s interest rate stands at a 15-year high of 5.25%.
The Bank of England is expected to keep interest rates unchanged on Thursday, following in the footsteps of the Federal Reserve and European Central Bank.
In September, headline inflation in the U.K. was 6.7% year over year, more than three times the bank’s 2% target. Price increases aren’t slowing as quickly as they are in the U.S. or Europe, where inflation is at 3.7% and 2.9%, respectively. The U.K.’s interest rate stands at a 15-year high of 5.25%. And it might stay there for some time. But don’t expect Governor Andrew Bailey, set to speak at a press conference after the decision, to put a fine point on whether rate hikes are over. While inflation is still uncomfortably high, economic growth in the U.K. is much weaker than it is in the U.S., raising the chances of recession. The central bank expects the U.K. economy to expand by 0.5% this year and next.
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