Bank of England enacts largest rate hike in 27 years

Recession predicted as pensions schemes face warning of funding challenges ahead

clock • 2 min read
Bank of England enacts largest rate hike in 27 years

The Bank of England (BoE) has raised interest rates by 0.5 percentage points today (4 August), representing the largest hike since 1995.

The bank's monetary policy committee voted 8-1 to raise rates to 1.75% and has forecast a recession in the UK by the end of this year as gross domestic product (GDP) growth continues to slow. Th...

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