24.7 C
Kigali, RW
November 28, 2022
Economy

Bank of England warns the UK will fall into recession this year

The Bank of England has warned the UK will fall into recession as it raised interest rates by the most in 27 years.

The economy is forecast to shrink in the last three months of this year and keep shrinking until the end of 2023.

Interest rates rose to 1.75% as the Bank battles to stem soaring prices, with inflation now set to hit over 13%.

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