Monetary Policy Committee Meeting Rescheduled to 22 September

  • BoE delays interest rates decision due to Queen Elizabeth II’s death
  • Meeting of the Monetary Policy Committee rescheduled for 22 September at 12pm
  • Financial markets predict interest rates to more than double by May next year
  • Base rate expected to finish 2022 above 3% and peak at 4.1% in June 2023
  • Bank of England expects a recession lasting five quarters starting Q4 2022
  • UK GDP projected to fall by 1.5% in 2023 and 0.25% in 2024

The Bank of England (BoE) has postponed its interest rates decision following the passing of Queen Elizabeth II. The Monetary Policy Committee meeting, initially expected to raise interest rates, is now scheduled for 12pm on 22 September. Financial markets predict a significant increase in interest rates by May next year due to rising inflation and energy prices. The base rate may reach close to 4.1% in June 2023 before dropping to around 3.8% by the end of 2023. Last month, the BoE raised rates from 1.25% to 1.75%, marking the largest increase since 1995 and forecasted a recession lasting five quarters starting Q4 2022 with GDP declines of 1.25% in 2023 and 0.25% in 2024.

Factuality Level: 8
Factuality Justification: The article provides accurate information about the Bank of England’s decision to delay its interest rates decision due to the death of Queen Elizabeth II and includes predictions from financial markets regarding future interest rate changes. It also mentions the previous interest rate increase in August and the bank’s forecast for a recession. However, it lacks personal opinions or bias.
Noise Level: 3
Noise Justification: The article provides relevant information about the Bank of England’s decision to delay its interest rates decision due to the death of Queen Elizabeth II and includes predictions from financial markets on future rate changes. It also mentions the previous interest rate increase and the bank’s forecast for a recession. However, it could benefit from more in-depth analysis or context about the potential impact of these decisions on various sectors and individuals.
Financial Relevance: Yes
Financial Markets Impacted: Bank of England, interest rates, inflation, recession
Financial Rating Justification: The article discusses the Bank of England’s decision to delay its interest rate decision and provides predictions for future interest rates and their impact on financial markets, as well as the potential for a recession in the UK. This directly pertains to financial topics and impacts financial markets and companies.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the article.

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