BREAKING NEWS: The Bank of England has raised the base rate of interest to 1% - the fourth consecutive increase as it continues to move against surging inflation. Latest: 📺 Sky 501, Virgin 602, Freeview 233 and YouTube
The Bank slashed its forecast for gross domestic product growth next year from 1.25% to -0.25% - the closest it ever tends to come to forecasting a recession.
It said that unemployment would also begin to climb, with the rate rising to 5.5% by the middle of 2025. That level of inflation would be the highest the UK has faced in four decades, since the early 1980s, when Britain was at the tail-end of a long period of stagflation - high inflation and low growth.
The Bank warned that its forecasts are predicated on what traders and investors in the market expect them to do with interest rates - a sharp increase to 3% by the middle of next year. Only a few economists expect that to happen.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bank of England expected to raise interest rates despite faltering economyEconomists predict a minimum 0.25 point rise as households contend with cost of living crisis
Read more »
Bank of England poised to ramp up interest rates as inflation bitesTWITCHY central banks are poised to aggressively hike interest rates this week in a bid to combat soaring inflation, but they risk plunging already wobbly economies into recession say experts.
Read more »
Bank of England warns of recession as it lifts interest rate\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t
Read more »
Shell’s profits nearly triple; UK car sales drop; Bank of England interest rate decision – business liveRolling coverage of the latest economic and financial news, as Shell reports a surge in profits in the first quarter of the year
Read more »
Bank of England expected to raise interest rates despite faltering economyEconomists predict minimum 0.25 point rise as households contend with cost of living crisis
Read more »
Martin Lewis fan wins back £4,800 from bank account error - are you owed money?A MARTIN Lewis fan has bagged £4,800 back after a bank account error – and we explain how you can check if you are owed money. The fan, called Julie, said she got the refund after discovering…
Read more »