Bank of England enacts largest rate hike in 27 years

Recession predicted as pensions schemes face warning of funding challenges ahead

clock • 2 min read
Bank of England enacts largest rate hike in 27 years

The Bank of England (BoE) has raised interest rates by 0.5 percentage points today (4 August), representing the largest hike since 1995.

The bank's monetary policy committee voted 8-1 to raise rates to 1.75% and has forecast a recession in the UK by the end of this year as gross domestic product (GDP) growth continues to slow. Th...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Join now

 

Already a Professional Pensions
member?

Login

More on Industry

L&G launches digital guidance for DC savers

L&G launches digital guidance for DC savers

Guidance will help deliver ‘better outcomes’ in retirement for firm’s DC members

Holly Roach
clock 30 August 2024 • 1 min read
Aptia launches all colleague share plan

Aptia launches all colleague share plan

Firm said share plans are ‘incredibly rare’ in private equity-owned businesses

Holly Roach
clock 30 August 2024 • 1 min read
Professional Pensions: Stories of the week

Professional Pensions: Stories of the week

Fabian Society report, long-term pensions reform roadmap and DB transfer activity

Professional Pensions
clock 30 August 2024 • 1 min read
Trustpilot