Bank of England Biggest Rate Hike in 33 Years

Home
/
Newsroom
/
Bank of England Biggest Rate Hike in 33 Years

Bank of England Biggest Rate Hike in 33 Years

The Bank of England is set for biggest rate hike in 33 years later today at 14.00 GMT+2.

The market expects the Bank of England to raise interest rates by 75 basis points on Thursday, its largest hike since 1989, but economists believe policymakers will strike a dovish tone looking ahead as the prospect of a recession deepens.

With U.K. inflation running at a 40-year high of 10.1% in September, the Bank is seen hiking its main lending rate for the eighth consecutive time, but weaker growth momentum and a major shift in fiscal policy is expected to ease calls for more aggressive monetary tightening.

New Prime Minister Rishi Sunak has scrapped the controversial tax cuts at the heart of predecessor Liz Truss’ fiscal policy agenda, meaning fiscal and monetary policy are no longer pulling in opposite directions.

Should a 75-basis point hike on Thursday be accompanied by dovish rhetoric, as economists expect, sterling could be left vulnerable and there is an opportunity to trade.

Thursday 3rd November 2022 High Impact Events

The times below are GMT+2

14.00 – UK – BOE Monetary Policy Report, MPC Official Bank Rate Votes, Monetary Policy Summary, Official Bank Rate

Potential instruments to Trade: GBP Crosses.

14.30 – UK – BOE Gov Bailey Speaks

Potential instruments to Trade: GBP Crosses.

14.30 – US – Unemployment Claims

Potential instruments to Trade: USD Crosses.

16.00 – US – ISM Services PMI

Potential instruments to Trade: USD Crosses.

If you have any questions or require any assistance, please contact one of our support team members via our Live Chat or email [email protected].

We are Errante. Trading made personal

We want to hear from you! Stellar support available 24/5

Company

Markets

Trading & Tools

Education Centre

Support

Notely Trading Limited is an Investment Firm authorized and regulated by the Cyprus Securities and Exchange Commission (CySec) under license number 383/20, registration number HE394425 and with registered office at 30 Karpenisiou, 1077 Nicosia, Cyprus. The Company is governed by the Markets of Financial Instruments Directive (MiFID II) of the European Union.

The website (www.errante.eu) is operated by Notely Trading Ltd.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 33.33% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Read our Risk Disclosure.

Errante brand is authorised and regulated in other jurisdictions:

Errante Securities (Seychelles) Ltd (https://errante.com/) is regulated by the Seychelles Financial Services Authority (FSA) under license number SD038.

Errante is a Trademark owned by an entity of the Errante Group. All other trademarks that appear on this website are the property of their respective owners.

Regional Restrictions: Notely Trading Ltd currently provides its services on a cross-border basis within EEA states under the MiFID regime. We do not provide our services to residents of certain jurisdictions including, but not limited to, USA, Syria, Japan, North Korea, Iraq, Belgium, and Canada. The Company holds the right to alter the above lists of countries at its own discretion.

© 2024 Notely Trading Ltd. All rights reserved.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 33.33% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.Read our Risk Disclosure.

Get started for free

Create Account