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UK in ‘prolonged recession’, Bank of England warns, as it hikes interest rates to 3%
![UK in ‘prolonged recession’, Bank of England warns, as it hikes interest rates to 3%]()
Bank of England has made its biggest interest rate rise in three decades, lifting borrowing costs to the highest since the 2008 financial crisis UK in ‘prolonged recession’, Bank of England warns, as it hikes interest rates to 3%
Bank of England has made its biggest interest rate rise in three decades, lifting borrowing costs to the highest since the 2008 financial crisis
Bank of England interest rate decision. The Bank of England has raised UK interest rates by three quarters of a percentage point to 3%, the highest level since the financial crisis in autumn 2008.
Bank policymakers voted to lift borrowing costs, for the 8th time in a row, in an attempt to cool surging inflation and to prevent it becoming embedded in the economy.
It’s the largest rate hike since 1989 – apart from the almost immediately reversed rise on Black Wednesday in 1992 - and will hit mortgage payers on variable rate loans, and push up the cost of business loans and other credit.
