The UK hiked its interest rates by 50 basis points on Thursday. Officials predict the longest recession since the global financial crisis.
And British officials expect an inflation rate of 13% iin the fourth quarter of this year.
The Bank of England on Thursday hiked interest rates by 50 basis points, its largest single increase since 1995, and projected the U.K.’s longest recession since the global financial crisis.
The sixth consecutive increase takes borrowing costs to 1.75% and marks the first half-point hike since the bank was made independent from the British government in 1997.