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.
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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.
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"The outlook for the housing and mortgage markets over the next two years is for a return to more stable, balanced picture following the upheavals of the last two years," predicts banking trade body…
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.
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