Fox Business Flash top headlines for December 16
Check out what’s clicking on FoxBusiness.com.
The Bank of England raised interest rates in the United Kingdom on Thursday to combat surging consumer prices, becoming the first central bank among the world’s leading economies to do so since the coronavirus pandemic began.
The increase in the bank's main rate to 0.25% from the record low of 0.1% was a surprise given the rapid spread of the omicron variant of the coronavirus across the country, which is already hurting many businesses, particularly those in the hospitality sector.
But with consumer price inflation running at 5.1%, more than double the bank's target of 2%, the vast majority on the bank's rate-setting Monetary Policy Committee decided action was needed now. For many households struggling with rising prices, it's likely to be another hit to their incomes, at least in the short term, with mortgages and loans set to increase, too.
BANKS ARE STARTING TO RECONSIDER OVERDRAFT FEES