The BoE's nine rate-setters were unexpectedly unanimous in their vote to raise rates to 0.75 from 0.50 percent, the level at which they have spent most of the past decade apart from 15 months after the Brexit vote when they were cut even lower.
The Reserve Bank of India today hiked its repo rate by 25 basis points, for the second consecutive time. India's largest mortgage lender, on Thursday raised lending rates by 20 basis points following Wednesday's policy rate hike by the Reserve Bank of India.
Meanwhile, reverse repo, the rate at which the central bank borrows money from commercial banks within the country, was adjusted to 6.25 per cent and the marginal standing facility (MSF) rate and the Bank Rate to 6.75 per cent.
The Bank of England has opted to push interest rates above their financial crisis lows.
Economy is doing fine: Expected GDP growth rate of 7.4 per cent for the year is a sign of a strong economy.
The strain on banks' performance and margins would not only delay but also moderate the transmission of the recent rate hike into higher deposit rates.
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Following the decision, BBC News website readers submitted questions about how the Bank rate rise might affect them.
So there is no direct link to the Bank rate.
"Higher interest rates should also provide some much-needed relief to savers who have seen their investment returns eroded significantly since the financial crisis", says Sentance.
From the six committee members, as many as 5 voted for the rate hike.
Some economists have raised doubts about the case for the rate hike.
Here's Brooks one last time: "Earlier this year the BOE Governor Mark Carney said that the Bank would give its view on the latest equilibrium, or neutral, interest rate for the United Kingdom economy".
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All loans to United Kingdom businesses linked to the base rate will move in line with the change and in accordance with the terms of the deal.
Bank of England Governor, Mark Carney, speaks during the central bank's quarterly Inflation Report press conference in London, Britain August 2, 2018.
"Regardless of whether their rate increases or not, savers should use this latest rise to assess their options and ensure that, at the very least, their account pays more than base rate".
They typically last for two or five years - and of course the rate doesn't rise during that period.
In the shorter term, the Bank Rate implied by a so-called equilibrium real interest rate, or "r*", was likely to be somewhat lower, the BoE said but it did not give an estimate. Nearly all (96%) of new mortgage loans are offered on a fixed rate, usually for the first two or five years. Investors looking for risk-free, guaranteed returns may continue to invest in PPF, NSC, Sukanya Samriddhi, Post Office Savings, etc. Impact on 10-year G-sec yieldThe maintenance of the neutral stance cooled bond yields after the policy announcement, as the rate hike itself was already priced in.
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