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World Business Report: First broadcast 16/06/2022 14:32 GMT : UK follows Fed with rates rise

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UK interest rates increase after the Fed's announcement

First broadcast 16/06/2022 14:32 GMT 

First broadcast 16/06/2022 14:32 GMT : UK follows Fed with rates rise

UK follows Fed with rates rise

BBC World Service - World Business Report, UK follows Fed with rates rise

The Bank of England follows the US Federal Reserve and raises rates to 1.25%

The Bank of England follows in the steps of the US Federal Reserve and raises rates for the fifth time in a row. Interest rates in the UK jump from 1% to 1.25%.

We explore the fallout of the US Federal Reserve's interest rate hike. 
The Bank of England has followed suit by raising the cost of borrowing by 0.25 percent in an attempt to control inflation. We hear from Jason Furman, an economics professor at Harvard and a former economics advisor to President Barack Obama.
The value of bitcoin has fallen about 30% in the last 10 days, devaluating investors' funds around the world. One of them is the government of El Salvador, where bitcoin was made legal tender last year. The BBC's Joe Tidy visits the country to see how widespread the use of the cryptocurrency is while Stephen Obehi, a Nigeria based cyber security analyst, tells us about a similar policy in the Central African Republic.
Transport in Tunisia has been suspended as hundreds of thousands of state employees hold a 24-hour strike to demand better pay amid soaring inflation. Souhail Khmira, a journalist in Tunis, explains the reasons.
Plus, we discuss Elon Musk's attempt to buy Twitter as he is expected to speak to staff this week for the first time. We talk to Ross Gerber, president of California based investment firm Gerber Kawasaki, an investor in both Twitter and Tesla.

(Picture: The Bank of England. Picture credit: EPA)

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First broadcast 16/06/2022 14:32 GMT : UK follows Fed with rates rise

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