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Bank of England hikes interest rate again

The Bank of England has announced its seventh interest rate hike in less than a year, despite forecasting a recession, as it battles the highest level of inflation of any G7 economy.
 
The central bank repeated last month's hike of half a percentage point, taking rates to 2.25% from 1.75%. 
 
It said it expected inflation to peak next month at 11%, lower than it previously expected because of government intervention to subsidize energy bills.
 
With today's move, the Bank of England has already raised borrowing costs for business and consumers back to levels last seen in 2008 in a bid to take the heat out of inflation that continues to hover just below 10%.


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