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Bank of England predicts recession at the end of the year

Summary by Ground News
Bank of England raises interest rates by 0.50 basis points to 1.75%. The move is aimed at combatting rampant inflation fueled by soaring energy bills. The bank predicts the UK economy will enter a painful recession lasting until late 2023. But it predicted that the recession would be shallower than the 2008 crash that followed the financial crisis.

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City AM broke the news in London, United Kingdom on Wednesday, August 3, 2022.
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