Brace for another financial crisis style recession, Bank of England warns

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City AM

By Jack Barnett The UK is set to slump into a recession comparable to the financial crisis, driven by the biggest inflation surge in 42 years, the Bank of England warned today. Britain’s economy will shift into reverse in the final three months of this year and stay there until the final months of next year, placing it among the worst recessions the country has experienced. Despite that warning, the Bank’s nine-strong monetary policy committee (MPC) voted 8-1 in favour for a 50 basis point interest rate rise, the steepest hike in its 25 year history. The move takes rates to 1.75 per cent, some…

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