Bank of England which is the central bank of the United Kingdom It also raised interest rates to its highest in 33 years, rising 0.75% to 3%, its highest in 33 years, in a bid to combat inflation, which has also risen to its highest level in 40 years.
Inflation in the UK rose 10.1% in October. For the second time in three months, the Monetary Policy Committee (MPC), which is responsible for setting interest rates formally in the UK, reported: “Inflation far exceeded our 2% target, so it is our duty to keep the interest rates low. making sure inflation returns to its 2% target.”
Danny Scott, CEO of UK-based bitcoin exchange CoinCorner, clarified the situation by saying: “People are used to cheap, easy-to-find money. and lifestyle has changed The result is They are going to face reality.”
The pound also dropped to $1.12 as investors lost confidence. which recently This previously dropped as low as $1.04, an all-time low. and is an indicator of the decline in investor confidence.
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