Bank of England hikes interest rates to 3% in biggest rise since 1989

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.

Continue reading…

​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…