Bank of England makes biggest interest rate hike in 30 years
The central bank boosted its key rate by three-quarters of a percentage point, to 3%, after consumer price inflation returned to a 40-year high in September. The aggressive move comes as the bank foresees a “very challenging outlook" for the UK economy, expecting it “to be in recession for a prolonged period” and inflation to stay high for the next year.
Bank of England raises rates by most since 1989 even as long recession looms
The Bank of England raised interest rates by the most since 1989 on Thursday but warned investors that the risk of Britain's longest recession in at least a century means borrowing costs are likely to rise less than they expect.
Bank of England announces biggest rate hike in 30 years
The Bank of England has announced its biggest interest rate increase in three decades as it tries to beat back stubbornly high inflation fuelled by Russia's invasion of Ukraine and the disastrous economic policies of former prime minister Liz Truss.