RT.com
04 Aug 2022, 17:43 GMT+10
The Bank of England hikes its benchmark rate and warns of an impending recession
The Bank of England announced the steepest interest rate hike since 1995 on Thursday, as it battles against soaring inflation.
The regulator increased its benchmark rate by half a percentage point to 1.75% in the sixth interest rate rise since December.
The bank also forecast a recession in the UK, warning that the economy will start shrinking in the fourth quarter of this year and will keep contracting throughout next year.
Britain's inflation soared to 9.4% in June, and according to various estimates it could increase to between 11% and 15% by early next year. Rising prices are being driven mainly by surging energy and food costs.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Birmingham News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Birmingham News.
More InformationLONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...
NEW YORK, New York - U.S. stocks rebounded Tuesday with all the major indices gaining ground. Markets in the UK, Europe and Canada...
NEW YORK CITY, New York: Financial markets kicked off the week on a cautious note as President Donald Trump rolled out a fresh round...
RIO DE JANEIRO, Brazil: At a two-day summit over the weekend, the BRICS bloc of emerging economies issued a joint declaration condemning...
LONDON, U.K.: This week, BP appointed Simon Henry, former Shell finance chief, to its board as a non-executive director effective September...
(Photo credit: Susan Mullane-Imagn Images) Wimbledon is not only a grand slam tennis tournament but a major revenue generator expected...
(250710) -- LONDON, July 10, 2025 (Xinhua) -- British Prime Minister Keir Starmer (L) welcomes French President Emmanuel Macron at...
Vancouver [Canada], July 11 (ANI): Canadian journalist Daniel Bordman called the attack on a cafe owned by comedian Kapil Sharma a...
(Photo credit: Joe Nicholson-Imagn Images) Tobin Heath, a two-time Olympic gold medalist and World Cup champion with the United States...
Facing the political impasse of the entire French system, some MPs have a dystopian idea: ban and punish all criticism of the Republic...
Facing the political impasse of the entire system, some MPs have a dystopian idea: ban and punish all criticism of the Republic This...