UK: Bank of England interest rate hits 27 year high

The Bank of England has warned the UK economy is going to fall into recession for more than a year.

Decision-makers also say inflation will peak at more than 13% as gas prices soar.

The bank’s hiked the base interest rate to 1.75%, the biggest single rise in 27 years.

The governor, Andrew Bailey, says they’re looking at the wider economic picture:

“We recognize the significant impact this will have and how difficult the cost of living challenge will continue to be for many people in the United Kingdom, inflation hits the least well off hardest, but if we don’t act to prevent inflation becoming persistent, the consequences later will be worse.”

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