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Bank of England announces biggest interest rate hike in 27 years

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(VOVWORLD) - The Bank of England on Thursday raised its benchmark interest rate by 50 basis points to 1.75 percent to deal with a soaring cost of living. The Bank warned that the UK is heading toward a recession.

Bank of England announces biggest interest rate hike in 27 years - ảnh 1The British Pound (Photo: AFP/ VNA)

This sixth consecutive increase is the first half-point hike since the bank was made independent from the British government in 1997.

In June, inflation hit a 40-year high of 9.4 percent. The Bank projects inflation will accelerate to 13 percent in the final quarter of this year and remain at very elevated levels throughout much of 2023 before falling to the 2 percent target in 2024.

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