UK announces biggest rate hike since 1989 ...News

The move to tackle soaring inflation may hit thousands of homeowners with higher mortgage costs The Bank of England announced the biggest interest rate increase in more than three decades on Thursday. The key rate was hiked by three-quarters of a percentage point in a move to curb inflation. The central bank made its eighth interest rate hike in less than a year, lifting its benchmark rate to 3%, the highest since November 2008. It comes as the regulator has predicted a “prolonged” recession for the British economy, which it said could be the longest contraction in modern history, with no recovery until 2024. This

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