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The Bank of England raises rates and sees a long recession

2022-08-04T12:01:15.717Z


The Bank of England decides the sixth consecutive interest rate hike, with a half-point tightening (27-year record) in the face of inflation estimated at 13% for the end of 2022. (HANDLE)


(ANSA) - ROME, AUGUST 04 - The Bank of England decides the sixth consecutive rise in interest rates, with a close by half a point (record for 27 years) in the face of inflation estimated at 13% by the end of 2022.


    While promising new strong hikes if it will serve to curb prices, the Bank of England is sounding the alarm on growth: the British economy is heading towards a recession lasting over a year due to the high prices caused mainly by energy.

The negative growth phase would begin in the fourth quarter of 2022 and would extend over the whole of 2023 with an overall -2.1%: it would be the longest recession since the great financial crisis.

(HANDLE).


Source: ansa

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