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Bank of England Raises Interest Rates for Fifth Time, UK Inflation to Reach 11%

Published JUN 16 2022·Updated DEC 28 2022

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Image copyright: Bloomberg/Getty Images [via CNN]

The Spin

Narrative A

The Bank of England is acting too modestly after it successively failed to foresee inflation rises. This is a new era of instability that demands more aggressive action to deter borrowing and strengthen the UK economy.

Spectator (UK)

Narrative B

Today's central bankers don't have a choice, they have to raise interest rates gingerly to tackle inflation without wrecking economic growth. Although they are doing a thankless task, they will eventually be lauded for making the difficult but right decision that risks dampening the UK economy to protect long term stability.

New Statesman