Bank of England expects UK to fall into longest ever recession
The Bank of England has warned the UK is facing its longest recession since records began, as it raised interest rates by the most in 33 years.
It warned the UK would face a “very challenging” two-year slump with unemployment nearly doubling by 2025.
Bank boss Andrew Bailey warned of a “tough road ahead” for UK households, but said it had to act forcefully now or things “will be worse later on”.
It lifted interest rates to 3% from 2.25%, the biggest jump since 1989.
By raising rates, the Bank is trying to bring down soaring prices as the cost of living rises at its fastest rate in 40 years.https://www.bbc.com/news/business-63471725
BBC: Bank of England: Five things we now know about the UK economy
Here are five things we learned from the central bank about the future of the economy.BBC: Bank of England: Five things we now know about the UK economy