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Thursday, 03 November 2022 15:14

Interest rates hit 3%

The Bank of England's Monetary Policy Committee have increased interest rates to 3%. 

The rise of 0.75% is the biggest single rise in interest rates since 1989 and brings the rate to its highest level since 2008.

In the Bank of England's statement they said that interest rates have been raised to bring down inflation.

The Bank has also forecast that the UK is facing a "very challenging" two-year recession, which would be the longest on record. 

 

 

Last modified on Thursday, 03 November 2022 16:33

        

 
 

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