AFP
The Bank of England on Thursday raised its interest rate by half a percentage point, the highest increase since 1995, and forecast inflation of 13% later this year when the British economy will enter a year-long recession.
This originally expected increase is the sixth in a row approved by the Central Bank since it began in December raising the cost of borrowing from a record low, just above zero, to the current 1.75%.
The Bank of England on Thursday raised its interest rate by half a percentage point, the highest increase since 1995, and forecast inflation of 13% later this year when the British economy will enter a year-long recession.
This originally expected increase is the sixth in a row approved by the Central Bank since it began in December raising the cost of borrowing from a record low, just above zero, to the current 1.75%.
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