The Bank of Englands Monetary Policy Committee (MPC), at its meeting ending on 21 September 2022, voted to increase Bank Rate by 0.5 percentage points, to 2.25%. The MPC sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. The Committee also voted unanimously to reduce the stock of purchased UK government bonds, financed by the issuance of central bank reserves, by ?80 billion over the next twelve months, to a total of ?758 billion, in line with the strategy set out in the minutes of the August MPC meeting. Powered by Commodity Insights
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