AssetID: 56136803
Headline: UNCAPTIONED: Bank Of England Raises Interest Rates To 4% And Warns Of Further Hikes
Caption: Bank Of England Raises Interest Rates To 4% And Warns Of Further Hikes. The Bank of England has raised interest rates for the first time in more than three years, increasing them from 3.75% to 4%. The decision aims to curb inflation driven largely by rising energy prices linked to the US-Iran war. Eight members of the Bank's nine-strong rate-setting committee supported the quarter-point increase, while one wanted rates to rise further to 4.25%. Governor Andrew Bailey warned that another increase could follow unless there was meaningful progress towards resolving the conflict in the Middle East. However, he stressed that the decision did not necessarily signal a prolonged series of rate hikes. Higher interest rates will increase borrowing costs for mortgage holders and people with loans or credit cards, although savers could benefit from improved returns. Bailey said future decisions would depend heavily on energy prices and inflation. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Current Affairs & Politics,Bank of England,raises,Interest Rates,4%,warns,further hikes,curb inflation,drive,rising energy prices,US-Iran war
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