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 the global financial crisis in late 2008.

via Economictimes