Bank of England bumps interest rates up 0.5% to 1.75%; warns of a recession by the end of the year
Today's rate rise is the biggest increase in 27 years, and comes as the BoE warns that the UK will be in a long recession by the end of this year.
What to read next
BoE raises interest rates to a 13-year high
The Bank of England expects interest rates to climb to around 2.5% by mid-2023.
BoE Governor warns of bigger interest rate jump next month
"There are no ifs or buts in our commitment to the 2% inflation target,” said Andrew Bailey, as he confirmed a 0.5% base rate hike is "on the table" for August.
BoE bumps base rate up to 1.25%
Britain's central bank hikes interest rates again in a bid to curb inflation.
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