Surging Oil Prices Pile Pressure on Bank of England to Raise Rates

Surging oil prices pile pressure on Bank of England to raise rates

Fresh attacks in the Middle East have pushed oil prices higher this morning, raising the prospect of rate hikes as central bank rate setters prepare to meet this week.

Growth and oil put Bank of England on the spot

Britain’s economy delivered good news on Friday, especially for GBP/EUR. GDP grew by 0.4% in July, comfortably beating forecasts for no growth and extending June’s expansion. The UK also recorded the fastest growth in the G7 over the first half of the year. That helped the pound gain slightly on the euro at the end […]

Oil price surge prompts UK rate hike speculation ahead of BOE decision

The oil price surge may pressure the Bank of England to reconsider its monetary policy, potentially impacting inflation and economic stability.

Oil price surge revives prospect of Bank of England rate rise this year

Investors expect BoE to hold borrowing costs this week but signal a possible increase later in the year