Bank of England vows to raise interest rates as much as possible as sterling tumbles

Investing.com — The Bank of England said it would not hesitate to raise interest rates if necessary, eager to appease markets spooked by the plans of the new government under Prime Minister Liz Truss.10050 Truss Treasurer Kwasi Kwarteng announced years of efforts to start affected by the energy crisis and Economic growth faltering due to Brexit and Covid-19 – Pandemic. 100200 However, the market sees these plans as unsustainable and inflationary and will Sterling pushed to record lows against the dollar and sent government bond yields surging. Thislb fell to $1. early Monday, then higher. It fell 1.6 percent to $1. in recent transactions. 034″ [The Monetary Policy Committee] will Will not hesitate to change interest rates when necessary, the central bank said in a statement. 50 It reiterated that “the impact of the government announcement on demand and inflation, as well as the fall in the pound, will be fully assessed at its next scheduled meeting and will act accordingly. “100067 The next meeting of the MPC is scheduled for November.