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Bank of England Hikes Rates to 4.5%

  • #Economic conditions & trends
  • #Finance
  • #Prices
  • #United Kingdom
story
MAY 2023
Image copyright: AP [via The Wall Street Journal]
story last updated MAY 2023

The Spin

Establishment-critical narrative

The golden age of quantitative easing — and its unquestioned authority in the central banking world — is over. The Fed, BoE, and ECB all tried to keep inflation in check, but the efforts have failed to bring any significant relief to citizens while loan and energy costs have soared. After failing spectacularly on the global stage, Western central banks are continuing to double down on a failed policy.

Politico

Pro-establishment narrative

Energy prices went through the roof due to the COVID pandemic and Russia's invasion of Ukraine, thus raising the cost of everyday goods and skyrocketing the cost of living. Though Britons, through no fault of their own, are still dealing with these economic developments, the BoE's monetary policy has so far proven successful and it will, unfortunately, continue to be necessary in the near future so that the country can bring inflation down to 2% by the end of next year.

Bank of England

Metaculus Prediction


Establishment split

CRITICAL

PRO

Bank of England chief Bailey defends record growth upgrade, admits communication error
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Another UK interest rate rise was always nailed on but what happens next?
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1.5m UK homeowners on variable rate mortgages face new borrowing rise
GuardianAUG 2023
Bank of England raises UK interest rates to 4.5%
GuardianAUG 2023
Inflation-hit Britons reveal their struggles amid cost-of-living crisis
Daily MailAUG 2023
Bank of England hikes interest rates to new 15-year high of 4.5%
Daily MailAUG 2023
Jobless claims jump to highest level since 2021
New York PostAUG 2023
UK interest rates: Bank of England hikes again in battle with inflation
CNNAUG 2023

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