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Re: Rising cost of living
Bank of England expects UK to fall into longest ever recession
https://www.bbc.co.uk/news/business-63471725
Quote:
The Bank of England has warned the UK is facing its longest recession since records began, as it raised interest rates by the most in 33 years.
In its outlook for the UK economy, it said the country would face a "very challenging" two-year slump and unemployment will nearly double.
It lifted UK interest rates to 3% from 2.25%, the biggest jump since 1989.
It takes borrowing costs to their highest since 2008, when the UK banking system faced collapse.
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