UK issues grim economic forecast ...News

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UK issues grim economic forecast
The Bank of England warns of recession risk as it hikes interest rate to tackle soaring inflation The Bank of England has raised its base rate from 0.75% to 1% on Thursday, in an attempt to curb soaring inflation that is predicted to surpass 10% by the year end. The measure has sent the cost of borrowing to its highest level since February 2009. The regulator has warned that the cost-of-living crisis could plunge the economy into recession this year. Last month inflation in the UK rose to 7% – the highest rate in 30 years, driven by rising fuel costs against the backdrop of the Ukraine-related sanctions on Russia.

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