The Bank of England raised its benchmark interest rate from 0.5% to 0.75%

The Bank of England at its meeting on August 2 decided to increase the base interest rate by 0.25 percentage points to 0.75%. The regulator first unveiled its vision of a neutral rate level, in which monetary policy will neither stimulate nor slow down economic activity in the country. The Bank of England believes that this level is in the range of 2% to 3%. Bank experts expect that the GDP growth in the UK will accelerate in the second quarter after a weak start of the year and an increase in the economy by 1.4% over the year. According to their estimates, the average annual growth rate of GDP until 2020 will be 1.75% per year. Inflation in the current year is expected at 2.3%, next year - at 2.2%.

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