London sources reported that the Bank of England (BoE) on Thursday raised its key interest rate by a quarter of a percentage point, from 0.5% to 0.75% the highest level since March 2009. As per report it is only the second increase in the bank rate since July 2007 and the move will increase the interest costs of more than three and a half million residential mortgages that have variable or tracker rates.
Moreover according to the Guardian, the bank's nine member Monetary Policy Committee (MPC) voted unanimously for the increase, judging that the economy had bounced back from a soft patch earlier this year triggered by the freezing weather and heavy snowfall from the "beast from the east". Moreover while warning Brexit could blow the economy off course, the MPC said recent readings for economic growth "appear to confirm that the dip in output in the first quarter was temporary, with momentum recovering in the second quarter".
Accordingly the BoE said in a statement that the
committee "continues to judge that the UK economy currently has a very
limited degree of slack" and labor demand growth remains
"robust". Further this reflects tightening in the labor market, with
indicators of pay growth strengthening and pay growth projected to rise
Will Chandrababu Naidu attend Court in Babli Case? Dharmabad sources made a statement that in a jolt to Andhra Pradesh CM Nara Chandrababu Naidu and the Dharmbad Court yesterday rejected the recall petition filed by the advocates who represented him. Meanwhile in connection with the Babli project protests case, the Court ordered that Chandrababu, despite being a Chief Minister, should attend the Court proceedings.
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