BANK OF ENGLAND HITS STOP ON RATE HIKE RUN AS ECONOMY SLOWS
The Bank of England halted its long run of interest rate increases on Thursday as Britain's economy slowed and inflation fell, but Governor Andrew Bailey sought to stress the central bank did not think its job was done. A day after Britain's fast pace of price growth unexpectedly slowed, the BoE's Monetary Policy Committee voted by the narrowest margin of 5-4 to keep Bank Rate at 5.25%.
Britain's economy, hit hard by Brexit, the COVID-19 pandemic and the surge in gas prices triggered by Russia's invasion of Ukraine, has been struggling with the highest inflation rate in the Group of Seven. But growth remains fragile, heightening the risk that the BoE's 14 back-to-back rate hikes will push the economy into a recession.