UK interest rates: BoE admits UK is probably already in recession

The Bank of England heaped more misery on families today by pumping up interest rates to combat rampant inflation – as it admitted the country is almost certainly already in recession.

The base rate is going up by another 0.5 percentage points to 2.25 per cent – the highest for 14 years – adding to the burden for mortgage payers.

But the Bank stopped short of the 0.75 percentage point rise many had expected, pointing to the government’s energy bill freeze and warning that GDP is set to fall…

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Written by Bourbiza Mohamed

I have 26 years of experience as a professional writer and editor and have been working as a full time freelancer since 2011. I am originally from Casablanca, Morocco, and I graduated from Qatar University with a degree in journalism. I have worked for newspapers, magazines, news agencies, websites. I speak fluent Arabic, French, English, Russian and Spanish.

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