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.
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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%…