Home » Business » Bank of England announces largest rate hike in 33 years, warns economy could be in recession until 2024

Bank of England announces largest rate hike in 33 years, warns economy could be in recession until 2024

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First financial 2022-11-04 16:15:23

Editor in charge: Zhu Mengyun

The Bank of England announced the 3 that it would raise the benchmark interest rate from 2.25% to 3%. The Bank of England said the economy has continued to contract since the third quarter and has slipped into a technical recession that is expected to last into the first half of 2024.

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Bank of England announces largest rate hike in 33 years, warns economy could be in recession until 2024

Bank of England announces largest rate hike in 33 years, warns economy could be in recession until 2024

The Bank of England announced the 3 that it would raise the benchmark interest rate from 2.25% to 3%. The Bank of England said the economy has continued to contract since the third quarter and has slipped into a technical recession that is expected to last into the first half of 2024.

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