Bank of England predicts recession as it enacts largest rate hike in 27 years

Inflation peak of 13%

Elliot Gulliver-Needham
clock • 3 min read
The bank’s 0.5% hike is the largest increase since it gained independence in 1997.
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The bank’s 0.5% hike is the largest increase since it gained independence in 1997.

The Bank of England has raised interest rates by 0.5%, its largest hike since 1995, as it forecast a recession in the UK by the end of this year.

The bank's Monetary Policy Committee voted 8-1 to raise rates to 1.75%, with only Silvana Tenreyro voting for a smaller 0.25% rise. These updated forecasts now see the UK falling into recession ...

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