Bank of England launches biggest interest rate hike in 27 years, predicts lengthy recession

The Bank of England on Thursday hiked interest rates by 50 basis points, its largest single increase since 1995, as it tries to rein in runaway inflation.

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Bank of England Makes Biggest Rate Rise Since 1995 as Inflation Soars

The Bank of England warned that the U.K. economy was poised to enter its longest recession since the financial crisis. The British economy is expected to contract for five consecutive quarters beginning in the fourth quarter of 2022, the bank said.

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When is the Bank of England interest rate decision and how could it affect GBP/USD?

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Energy bills to top £4,000 by January, analyst warns

Campaigners have criticised the energy regulator’s move to review energy bills in the depths of winter, arguing it will lead to “increased misery and huge anxiety”.

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Cost of living: How interest rate rise will impact your mortgage bill

The Bank of England takes its strongest action to date to help tackle the cost of living crisis but, perversely, interest rate hikes take money out of millions of people's pockets at the same time.

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BUSINESS LIVE: Interest rate hiked to 1.75%; Rolls-Royce lifts margins

The FTSE 100 closed up 2.38 points at 7448.06. Among UK companies with reports and updates are Rolls-Royce, Next, Meggit, Informa and Glencore.

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Bank of England warns of deep recession in 2023 as it hikes interest rates

Economists say bleak new GDP and inflation forecasts are a “horror show.”

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Bank of England Raises Base Rate from 1.25% to 1.75%

A 0.5% jump - the biggest rise in 27 years. The real bad news from Threadneedle Street makes the interest rate rise pale in comparison. They predict

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