Interest Rates to 13-Year High, Recession Coming, BoE Says
- Date: 05-May-2022
- Source: Morning Star
- Sector:Economy
- Country:Middle East
Interest Rates to 13-Year High, Recession Coming, BoE Says
Britain is heading for a recession next year, the Bank of England (BoE) said today, as it unveiled a 25 basis point rise in interest rates to 1%, the highest since the financial crisis.
The downbeat forecast dominated what was a predictable rate rise announcement. Combined with a prediction of 10% inflation this year, this is unwelcome news for the government as voters head to the polls for local elections.
The BoE says the economy is expected to slow sharply in the coming months, reflecting the impact of rises in energy prices and general goods because of supply chain issues.
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