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Bank of England raises rates by most since 1995 despite recession's approach

The Bank of England raised interest rates by the most in 27 years on Thursday in an attempt to smother surging inflation on track to top 13%, even as it warned a long recession is coming.

Bank of England raises rates by most since 1995 despite recession's approach
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Reeling from a surge in energy prices after Russia's invasion of Ukraine, the BoE's rate-setters voted 8-1 for a half percentage-point rise in Bank Rate to 1.75%, its highest since late 2008.

The big hike had been expected by most economists in a Reuters poll as central banks around the world scramble to contain soaring prices.

Read more at Reuters

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