Bank of England warns UK will fall into recession this year as interest rates soar

Exterior of Bank of England

The Bank of England (BoE) has said the UK economy will crash into a recession by the end of the year as it raised interest rates to their highest point in 27 years.

The BoE predicted the UK economy would shrink in the final three months of 2022 and would continue shrinking until at least the end of 2023 – the longest recession since the 2008 financial crisis.

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