Bank of England makes historic rate hike despite ‘very challenging’ outlook
The Bank of England raised interest rates to 3% on Thursday from 2.25%, its biggest rate rise since 1989 as it warned of a “very challenging” outlook for the economy.
The central bank forecasts inflation will hit a 40-year high of around 11% during the current quarter, but that Britain has already entered a recession that could potentially last two years – longer than during the 2008-09 financial crisis.
Source: Reuters https://www.reuters.com/markets/europe/bank-england-makes-historic-rate-hike-despite-very-challenging-outlook-2022-11-03/