The to the highest level in 13 years on Thursday as policymakers around the world combat inflation fuelled by high energy prices, Russia's war in Ukraine and lingering concerns about COVID-19.
The central bank hiked rates for the fourth time since December as U.K. inflation runs at 30-year highs. Its Monetary Policy Committee voted 6-3 to lift the rate that the Bank of England pays other banks by a quarter-percentage point, to 1%. The three members in the minority wanted to raise it even higher -- by half a point to 1.25%, the bank said, in a sign of growing momentum for strong action to counter rising consumer prices.
"Global inflationary pressures have intensified sharply following Russia's invasion of Ukraine. This has led to a material deterioration in the outlook for world and U.K. growth," the bank said.
It said those developments and COVID-19 restrictions in China have worsened the supply chain shocks that the United Kingdom and other countries face.
The decision comes a day after the U.S. Federal Reserve stepped up its attack on inflation, approving the biggest rate increase in more than two decades and signaling that more are on the way. The Fed increased its key short-term rate by a half-percentage point, to a range of 0.75% to 1%.
Other central banks around the world, from Sweden to Australia, also have started taking similar action.
Soaring consumer prices in the U.K. are fueling a cost-of-living crisis marked by rocketing energy bills and surging food and transport prices. The Bank of England is struggling to show it is serious about reining in inflation without moving so aggressively that it undermines consumer confidence.
"The Bank of England has a difficult job ahead of it -- inflationary pressures from external factors are getting higher and higher," Dmitri Theodosiu, head of foreign exchange and interest rates trading at Investec, said in a note to investors. "And with the cries of `higher, higher' ringing in the ears comes the knowledge that too much intervention could see a damaging fall to the economy."
Bank of England policymakers indicated that more rate increases could be in the pipeline based on the latest economic outlook.
"Most members of the committee judge that some degree of further tightening in monetary policy may still be appropriate in the coming months," the bank's report said.
Britain's inflation rate rose to a 30-year high of 7% in March, more than triple the central bank's target of 2%. Economists expect inflation to reach 9% or more later this year.
The first iteration of the federal government's standardized pre-approved design catalogue – a revival of a wartime housing effort – will be unveiled in December, ۴ý has learned.
Mike Grossman was adamant he wasn’t going to fall for anyone in Australia.
Researchers in Denmark have published a case report revealing an unexpected consequence of one of breakdancing's most iconic moves: the headspin.
Economists expect inflation continued its downward trend last month, giving the Bank of Canada the all-clear to continue cutting its benchmark interest rate.
When Julie Riddell and her husband, Gerry, bought their Fort Myers, Fla., vacation property in 2009, it didn't cross their mind that they might be buying in a hurricane-prone area.
Mary Herrick has lived in Washington County, just outside of Milwaukee, for 50 years but during a recent lunch with a close friend there was an uncomfortable moment: Herrick said she was going to vote for U.S. Vice-President Kamala Harris and her friend said she would be voting for former president Donald Trump.
Canada's only all-black hockey league in the country's history has received long-awaited national recognition.
A senior politician in India’s financial capital, Mumbai, who was also known for his close ties with Bollywood has been shot dead weeks before a key state election.
Vigars passed away peacefully in a B.C. hospital earlier this week. He was 78.
A BC NDP campaign office in Campbell River received a bomb threat Friday afternoon, according to the party.
Sometimes love is written in the stars, but for one couple, it’s written in the aurora borealis.
When Julie Riddell and her husband, Gerry, bought their Fort Myers, Fla., vacation property in 2009, it didn't cross their mind that they might be buying in a hurricane-prone area.
A multiple vehicle collision took place Saturday morning on Hwy. 101 in Nova Scotia.
Two young men are facing second-degree murder charges in connection with the fatal fire in Old Montreal that killed Léonor Geraudie, 43, and her daughter Vérane Reynaud-Geraudie on Oct. 4.
The event took place on Saturday at Willkommen Platz in downtown Kitchener.
A senior politician in India’s financial capital, Mumbai, who was also known for his close ties with Bollywood has been shot dead weeks before a key state election.
Mary Herrick has lived in Washington County, just outside of Milwaukee, for 50 years but during a recent lunch with a close friend there was an uncomfortable moment: Herrick said she was going to vote for U.S. Vice-President Kamala Harris and her friend said she would be voting for former president Donald Trump.
Democratic vice presidential candidate Tim Walz spent Saturday morning tramping through tall grass on the opening day of Minnesota's pheasant hunting season, giving the campaign a chance to highlight the governor's rural roots and love of outdoor sports.
An Australian state police chief apologized to the Jewish community on Saturday after a sergeant allegedly performed an outlawed Nazi salute.
China agreed Sunday to assist Vietnam on cross-border railway development and take steps to expand agricultural imports from its smaller neighbor, Vietnam’s official media said.
Alex Salmond, the former first minister of Scotland who for decades championed Scotland's independence from the U.K., has died. He was 69.
Prime Minister Justin Trudeau will face mounting pressure from his caucus this week to step down from the leadership of the Liberal party.
Amid escalating violence in the Middle East, a majority of surveyed Canadians say they don't believe the costs associated with Canadians fleeing the region should be funded solely by the government.
Liberal cabinet minister Steven Guilbeault says the Liberals will not be 'held hostage' by the Bloc Quebecois' demand to expand Old Age Security to more seniors.
The Canadian Food Inspection Agency (CFIA) has issued a recall for Rana brand Tagliatelle Seasoned White Chicken and Mushroom sauce, citing possible Listeria contamination.
A Montreal study found that many seniors are being overprescribed inappropriate medications.
Small clinical trials have shown that one or two doses of psilocybin, given in a therapeutic setting, can make dramatic and long-lasting changes in people suffering from treatment-resistant major depressive disorder, which typically does not respond to traditional antidepressants.
The northern lights could be visible across most of Canada this week.
TikTok was aware that its design features are detrimental to its young users and that publicly touted tools aimed at limiting kids’ time on the site were largely ineffective, according to internal documents and communications exposed in a lawsuit filed by the state of Kentucky.
Another in a series of unusually strong solar storms hitting Earth produced stunning skies full of pinks, purples, greens and blues farther south than normal, including into parts of Germany, the United Kingdom, New England and New York City.
A federal appeals court judge has ruled to keep Sean 'Diddy' Combs locked up while he makes a third bid for bail in his sex trafficking case, which is slated to go to trial in May.
Al Pacino is enjoying being a late-in-life dad. The legendary actor talked about being a father to a brood, including to 16-month-old Roman with producer Noor Alfallah.
Set to premiere next year, the film '111' is a joint Canadian-Swiss production that follows the interwoven stories of four people in the aftermath of the Sept. 2, 1998 Swissair crash near Peggy's Cove, N.S.
Economists expect inflation continued its downward trend last month, giving the Bank of Canada the all-clear to continue cutting its benchmark interest rate.
Several hundred "underperforming" 7-Eleven locations across North America are closing, the convenience store announced.
An economist says the latest job growth numbers in Canada are 'good news,' but he has concerns following Statistic Canada's report.
It’s almost impossible to know what to say to someone in the throes of grief. We all want to say something comforting. Very few of us know what that is.
The Orient Express' opulent passenger experience was later immortalized in popular culture by authors like Graham Greene and Agatha Christie. But dining on the move was very much a triumph of logistics and engineering.
James Taylor never expected to be walking home with a bag full of groceries he didn't buy.
Over his quarter century in the National Hockey League, Mark Messier witnessed sweeping technological changes to the game, from the advent of lighter hockey sticks to the use of video reviews.
Some prominent figures will be added to the Naismith Memorial Basketball Hall of Fame's James F. Goldstein SuperFan Gallery on Sunday, a few hours before this year’s class is enshrined in Springfield, Mass.
Two months before FIFA is set to confirm Saudi Arabia as the 2034 World Cup host, the soccer body was urged again Friday to allow independent scrutiny of the kingdom's human rights obligations for the tournament.
Tesla CEO Elon Musk unveiled on Thursday his vision of a 'a fun, exciting future,' an 'age of abundance' full of his company’s self-driving cars without steering wheels, parking lots turned into parks and robots that will walk among the population – that he once again promised would be available within a few years.
Dozens of cars were pulled out of the Detroit River in west Windsor on Tuesday, causing many questions for Windsorites.
Hundreds of thousands of vehicles are being recalled in Canada due to a steering-related issue that could increase a driver's risk of crash.
James Taylor never expected to be walking home with a bag full of groceries he didn't buy.
This weekend marks the fifth anniversary of a large blizzard that paralyzed Manitoba.
There was an eye-catching mix of rainbows and lightning over Vancouver following a brief downpour this week.
Jeff Warner from Aidie Creek Gardens in the northern Ontario community of Englehart has a passion for growing big pumpkins and his effort is paying off in more ways than one.
Saskatchewan’s Jessica Campbell has made hockey history, becoming the first ever female assistant coach in the National Hockey League (NHL).
Have you ever seen videos of hovercrafts online or on TV and thought, 'Wow, I wish I could ride one of those.' One Alberta man did, and then built his own.
A B.C. couple is getting desperate – and creative – in their search for their missing dog.
Videos of a meteor streaking across the skies of southern Ontario have surfaced and small bits of the outer space rock may have made it to land, one astronomy professor says.
A unique form of clouds made an appearance over the skies of Ottawa on Sunday evening.
A B.C. Supreme Court judge has ruled on a case she describes as a "bizarre mess" in a decision issued earlier this week.
Ever since a cougar made its way from the mainland to the island almost three months ago, the community’s social media pages have been awash with questions about sightings, sounds and strange goings on. Some residents have posted warnings of deer carcasses spotted on the side of the road; others have described hearing strange caterwauling in the night.
A program that started in Nanaimo five years ago that teaches Indigenous kids how to play hockey is so popular that it’s expanding.
A neighbourhood already plagued by heavy traffic congestion could soon be used as a thoroughfare for hundreds of dump trucks daily due to construction on the Ontario Line.
Canadian hip hop artist Dillan King says running 100 marathons in 100 days was not only the hardest thing he has ever done, but the “proudest accomplishment” of his entire life.
Three people have died and two have been sent to hospital after a head-on collision in Welland Saturday night.
Calgary Public Library (CPL) locations closed early on Friday following a cyber attack.
The company behind a contentious biogas project near High River removed its website after Canada’s anti-greenwashing rules came into effect.
Eugene Lewis caught a 10-yard touchdown pass from Tre Ford with 1:09 remaining in the game to lead the Edmonton Elks to a 23-18 win over the Calgary Stampeders at McMahon Stadium on Saturday.
The lower than average temperatures continue to linger around in Ottawa this weekend.
A report for Ottawa's emergency preparedness committee shows the city's 911 service fell short of the target time the city sets for an operator to connect with a caller.
CTVNewsOttawa.ca looks at what's open and closed in Ottawa over the Thanksgiving weekend.
Two young men are facing second-degree murder charges in connection with the fatal fire in Old Montreal that killed Léonor Geraudie, 43, and her daughter Vérane Reynaud-Geraudie on Oct. 4.
For months, Premier Francois Legault has said Quebec has too many people crossing the border and has demanded that the federal government step in to send them to other provinces.
Spiders are larger and more visible in the Montreal area in the fall as they prepare to lay their eggs before the cold winter months.
A stretch of Yellowhead Trail in north Edmonton was closed Saturday night after a serious crash.
A man's death is under investigation after he was found critically injured on the LRT foot path near the High Level Bridge on Friday night.
۴ý Edmonton spoke with two families, as well as Edmonton's public and Catholic school divisions, about the first month of school with Alberta's school cellphone ban.
Halifax Regional Police located a person of interest in relation to a homicide.
One of the oldest family homes in the north end of Sydney, N.S., opened its doors to the public this week.
A multiple vehicle collision took place Saturday morning on Hwy. 101 in Nova Scotia.
Two Winnipeggers have been arrested after images and videos were posted online of animals being tortured and killed.
A 37-year-old Winnipeg man has been charged with multiple offences after videos filmed in a public pool change room were seized by police.
Tec Voc has started 6-0 – leading the AAA division as the only undefeated team.
The Saskatchewan Roughriders will host a playoff game for the first time since 2021 after defeating the B.C. Lions Saturday night at Mosaic Stadium.
The Saskatchewan Party laid out its platform on Saturday, outlining their plan if they get re-elected in the Oct. 28 provincial election.
White Butte RCMP and local fire services are responding to a fertilizer spill on Highway 46 and the overpass near Balgonie, Sask. on Saturday afternoon.
Days after flames ripped through three units of the Mohawk Plaza, the club is still coming to terms with the loss.
The Canadian Food Inspection Agency (CFIA) has issued a recall for Rana brand Tagliatelle Seasoned White Chicken and Mushroom sauce, citing possible Listeria contamination.
The Ontario Provincial Police West Region Highway Safety Division, Traffic Incident Management Enforcement Team and the Ministry of Finance were involved in a joint forces operation on Thursday.
The Saskatchewan Roughriders will host a playoff game for the first time since 2021 after defeating the B.C. Lions Saturday night at Mosaic Stadium.
The Saskatchewan Party laid out its platform on Saturday, outlining their plan if they get re-elected in the Oct. 28 provincial election.
Even on an average day, the intersection of Highway 17 at Highway 6 near Espanola is busy, but it’s especially steady on a Friday before a long weekend.
Prime Minister Justin Trudeau will face mounting pressure from his caucus this week to step down from the leadership of the Liberal party.
Amid escalating violence in the Middle East, a majority of surveyed Canadians say they don't believe the costs associated with Canadians fleeing the region should be funded solely by the government.
Vigars passed away peacefully in a B.C. hospital earlier this week. He was 78.
The Canadian Food Inspection Agency (CFIA) has issued a recall for Rana brand Tagliatelle Seasoned White Chicken and Mushroom sauce, citing possible Listeria contamination.
The Mustangs made quick work of Toronto in a rare Friday night OUA Football game.
OPP continue to investigate a multi-vehicle crash that occurred midday Saturday in the City of Kawartha Lakes, resulting in five needing treatment for various injuries.
13-year-old Jackson Fuller is attempting to set the record for most miles travelled in an ATV within 24 hours this weekend, chasing it by lapping around the Orillia & District Agricultural Society (ODAS) Park circuit outside Orillia.
OPP are investigating a single-vehicle collision in Caledon early Saturday morning that resulted in the death of the driver.
With the arrival of Thanksgiving weekend, food banks and shelters in Windsor are reminding people that not everyone in our community will be able to have a turkey dinner with their family.
The Canadian Food Inspection Agency (CFIA) has issued a recall for Rana brand Tagliatelle Seasoned White Chicken and Mushroom sauce, citing possible Listeria contamination.
Vigars passed away peacefully in a B.C. hospital earlier this week. He was 78.
A BC NDP campaign office in Campbell River received a bomb threat Friday afternoon, according to the party.
A program that started in Nanaimo five years ago that teaches Indigenous kids how to play hockey is so popular that it’s expanding.
Ever since a cougar made its way from the mainland to the island almost three months ago, the community’s social media pages have been awash with questions about sightings, sounds and strange goings on. Some residents have posted warnings of deer carcasses spotted on the side of the road; others have described hearing strange caterwauling in the night.
Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.
A U.S. District Court judge in Montana has sentenced a 27-year-old man from Kelowna, B.C., to 18 months in prison for using fake names to buy guns with the aim of selling them in Canada.
Nearly two years after a man was stabbed to death in downtown Kelowna, RCMP have made an arrest in the case.
The Vancouver Giants scored late to force overtime before winning 4-3 over the Lethbridge Hurricanes Friday night.
If you’re looking for something to do this long weekend, the Lethbridge Corn Maze is open and hosting its annual fundraiser on Monday.
Local photographers were amazed by the aurora borealis display in the night sky over Lethbridge on Thursday night.
A 32-year-old woman has been charged in connection with the death of an 18-year-old man this past January, according to Ontario Provincial Police.
Two people are facing multiple charges after a dead person was brought to North Shore Health Network in Blind River this summer.
A closer look at preventing graffiti will be looked at in Sault Ste. Marie, after a string of offensive displays by one man, including spray painting anti-Indigenous language and painting over the pride crosswalk.
A Conservative MP from Newfoundland and Labrador says some small towns in his rural riding are overrun with crime, but police say they haven't received reports to that effect.
As millions in federal funding flow into a Labrador group whose claims of Inuit identity have been rejected by Indigenous organizations across Canada, a national Inuit leader worries the Liberal government is putting the rights of Indigenous Peoples at risk.
He may not have logged the fastest time or even gone the full distance, but residents of a Newfoundland town agree the goat who unexpectedly joined the local weekend half marathon was the event's undisputed champion.
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