Bank of England Raise Interest Rates: The Reaction

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On Thursday, the Bank of England voted unanimously to raise the interest rate to 0.75%, the highest it has been since the financial crash nearly 10 years ago. As consumers, businesses and institutions ran through the potential ramifications, it generated plenty of chatter on social media – so, this week’s Tweet of the Week comes from the official Bank of England Twitter account.  Their interest rate announcement resulted in #bankofengland trending for the whole of Thursday and provoked a lot of debate…

Following the initial tweet, the Bank followed up with another to explain their decision…

News outlets in the UK quickly reported the raise…

It seems that the reaction on social media was one of overwhelming concern over the decision and its potential impact…

Even the opposition Government took the opportunity to express doubts regarding the benefits of the banks decision…

…however some did point out that the situation could be worse.

Some inevitably linked the interest rate rise to Brexit…

And some used the rate rise to try and increase revenue to mitigate potential losses…

As of yet, the benefits (or not) of Mark Carney’s decision are not known – but what is clear is that the UK economy is still fragile and this rise has done little to allay those fears.

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