The Bank of England postponed its interest rates decision after Queen Elizabeth’s death, rescheduling its meeting for 22 September instead.
The institution cited the “period of national mourning” as the reason for its delay.
The Bank was previously set to announce its next interest rates decision on Thursday 15 September.
“In light of the period of national mourning now being observed in the United Kingdom, the September 2022 meeting of the Monetary Policy Committee has been postponed for a period of one week,” said the Bank of England in a statement.
“The Committee’s decision will be announced at 12pm on 22 September.”
Bank of England Governor Andrew Bailey expressed his regrets following the Queen’s passing.
“It was with profound sadness that I learned of the death of Her Majesty the Queen. On behalf of everyone at the Bank I would like to pass on my deepest condolences to the Royal Family,” said Bailey in a statement.
Analysts have been predicting a rate hike to 2.25%, representing the highest level since December 2008. The last meeting saw the Bank raise rates to 1.75% in a bid to tackle soaring inflation, which currently stands at 10.1% and is expected to hit 13% in October.
The European Central Bank hiked its interest rates a whopping 0.75% at its meeting on Thursday this week, citing surging energy and food prices linked to the Ukraine war as the reason behind its aggressive move.
Meanwhile, the US Federal Reserve have been warning of aggressive rate decisions to come, with US Fed chair Jerome Powell taking a decidedly hawkish stance at the Jackson Hole convention last month.
