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Bank of England Interest Rate Hike: Warns of a brutal recession on record

Nov  8 2022

Economy Simplified

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Will the Bank of England’s interest rates go up in 2022?

Will the Bank of England’s interest rates go up in 2022?  

The Bank of England interest rate hiked to 3% from 2.25 percent on Thursday, following consumer price inflation returning to a 40-year high in September.

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The London central Bank predicted that unemployment would increase from 3.5% to 6.5%, in case a general election is conducted in 2024.

Bank of England warns recession

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Interest rate hiked to 3%

The Bank of England hiked interest rates in recent months as the war’s impact on gas as well as other commodities prices has escalated.

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UK Prime minister resigned 

UK Prime minister resigned 

Investors predicted interest rates would peak at 5.25% as the UK Prime minister resigned due to financial market instability,

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London central bank’s bumbling report

London central bank’s bumbling report

According to the London central Bank’s report, “the economy has experienced a series of very significant shocks. 

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Bank of england’s interest rate hike set to rise further

Bank of england’s interest rate hike set to rise further

Bank of England stated that “further interest rate hikes might be necessary for a durable recovery of inflation towards target

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How bad is the recession going to be in the UK?

How bad is the recession going to be in the UK?  

The rate of inflation will rise to 11 percent by the end of 2022  before declining “probably rather rapidly” starting in the middle of 2023.

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