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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.

2 months ago·London, United Kingdom

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Bank of England hikes rates by 50 bps, most since 1995; warns UK will fall in recession this year

The Bank of England announced its biggest interest rate increase in 27 years on Thursday as it forecast that the war in Ukraine would fuel further inflation and tip the U.K. economy into a prolonged recession. Those pressures persuaded the bank’s Monetary Policy Committee to boost its key interest rate by 0.5 percentage points, the biggest of six consecutive increases since December. The rate now stands at 1.75%, the highest since the depths of …

2 months ago·Mumbai, India

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Bank of England warns the UK will fall into recession this year

The Bank of England raises rates as it warns inflation will rise over 13% and the UK faces a long recession.

2 months ago·United Kingdom

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As recession looms, the Bank of England’s independence is under threat

Analysis: Amid cost of living crisis and the threat of recession, the MPC has been accused of being asleep at the wheel

2 months ago·London, United Kingdom

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U.K. headed for recession: Bank of England

CTV’s Paul Workman says the rising interest rates will be 'grave' and 'bleak' and the next year will cause suffering for people in the U.K.

2 months ago·Toronto, Canada

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The Independent

UK faces deepest plunge in living standards on record, Bank of England warns

Country to enter recession this year and economy on course to shrink for five straight quarters

2 months ago·London, United Kingdom

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Bank of England predicts recession at the end of the year

The Bank of England says the United Kingdom’s economy is projected to enter a recession in the final three months of the year

2 months ago·United States

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