Bank fears 0.75 percentage point rise may push UK economy into longer and deeper recession than the 1930s
UK in ‘prolonged recession’, Bank warn – Business liveAnalysis: Bank signals rates probably won’t go much higher
The Bank of England has increased the cost of borrowing by 0.75 percentage points to 3%, despite predicting that higher interest rates would push the economy into the longest recession since the 1930s.
In a split vote, the central bank’s monetary policy committee (MPC) voted by a 7-2 majority for the biggest increase in rates since 1989 to combat an inflation rate that hit 10.1% in September.
Bank fears 0.75 percentage point rise may push UK economy into longer and deeper recession than the 1930sUK in ‘prolonged recession’, Bank warn – Business liveAnalysis: Bank signals rates probably won’t go much higherThe Bank of England has increased the cost of borrowing by 0.75 percentage points to 3%, despite predicting that higher interest rates would push the economy into the longest recession since the 1930s.In a split vote, the central bank’s monetary policy committee (MPC) voted by a 7-2 majority for the biggest increase in rates since 1989 to combat an inflation rate that hit 10.1% in September. Continue reading…
