# VIEW Bank of England lifts UK rates to 3% in historic hike | Reuters

> The Bank of England lifted UK rates to 3% in its largest hike since 1989 and warned of a very challenging outlook. Sterling fell as much as 2% against the dollar to a session low of $1.1162 after the decision.

- Date: 2022-11-03 · published 2022-11-03T12:00:00.000Z
- Category: macro · region UK · magnitude medium
- Page: https://feedsoft.ai/events/38915-view-bank-of-england-lifts-uk-rates-to-3-in-historic-hike-reuters
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md)

## Why it matters

The sharp sterling drop and weaker UK growth outlook reduce British buying power for imported feed inputs. The rate move is a macro driver rather than a direct grain supply factor.

## Read by commodity

- GBPUSD: bearish ▼

## Sources

- reuters.com: https://www.reuters.com/world/uk/view-bank-england-raises-interest-rates-2022-11-03/

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.