Bank of England hikes by 50 basis points, says UK may already be in recession


The Bank of England warned that the U.K. will enter recession later this year. The expected recession is forecast to be the longest since the global financial crisis.

Vuk Valcic | SOPA Images | LightRocket | Getty Images

The Bank of England voted to raise its base rate to 2.25% from 1.75% Thursday, lower than the 0.75 percentage point increase that had been expected by many traders.

Inflation in the U.K. dipped slightly in August but at 9.9% year-on-year remained well above the bank’s 2% aim. Energy and food have seen the biggest price rises, but core inflation, which strips out those components, is still at 6.3% on an annual basis. 

The BOE now expects inflation to peak at just under 11%…


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