United Kingdom
UK heading for recession as inflation to rise over 13%, Bank of England warns
An increase in interest rates to 1.75% announced today came as officials predicted a UK recession will begin in the fourth quarter, and last all the way through next year
The Bank of England has raised its interest rates to 1.75 per cent, its biggest hike in 27 years, as it warned the UK is heading for more than a year of recession under the weight of soaring inflation.
The half-point increase was backed by eight of the bank’s nine policy makers, who also kept up a pledge to act forcefully again in the future if needed, potentially putting similar hikes on the table for ...