scorecardresearchBank of England Raises Rates To 1.75%, Most Since 1995, Warns of Long Recession

Bank of England Raises Rates To 1.75%, Most Since 1995, Warns of Long Recession

Updated: 04 Aug 2022, 04:47 PM IST
TL;DR.
The Bank of England unleashed its biggest interest-rate hike in 27 years as it warned the UK is heading for more than a year of recession under the weight of soaring inflation.
The Bank of England in London, Thursday, Aug. 4, 2022. The Bank of England will hold the Monetary Policy Report Press Conference on interest rates that are expected to go up by half a percentage point, which would be the biggest rise in 27 years. (AP Photo/Frank Augstein)

The Bank of England in London, Thursday, Aug. 4, 2022. The Bank of England will hold the Monetary Policy Report Press Conference on interest rates that are expected to go up by half a percentage point, which would be the biggest rise in 27 years. (AP Photo/Frank Augstein)