Bank of England expects UK to fall into longest ever recession

, as it raised interest rates by the most in 33 years.

In its outlook for the UK economy, it said the country would face a "very challenging" two-year slump.The Bank lifted the UK interest rate to 3% from 2.25%, the biggest increase since 1989.Interest rates have been rising since last December as the cost of living has accelerated.The Bank believes by raising rates it will make it more expensive to borrow and encourage people not to spend money so easing pressure on prices.

The news will be welcomed by savers, but the rise will have a knock-on effect on for those with mortgages, credit card debt and bank loans.

And yet it still put up interest rates … this is only a bankers bonus …

With the help of the City of London...

Their record keeping is as bad as there ability to manage inflation then? 80s and the 90s recessions seem to be pretty long ones back then !!

…and they’re making it worse apparently 😩 D_Blanchflower

Any comment on the radicalised extremist who was the suicide bomber in Dover at the weekend ? RacistScum

Sunlit uplands

Well that's the tory reputation for 'fiscal responsibility' screwed for at least a generation. With any luck.

How about Europe?

Unlike the EU 🙄 the propaganda is overwhelming much like the mass immigration

Thank goodness for brexit...otherwise it could be a whole lot worse.

Rejoice another Brexit benefit 🤣😭

While the government sits on its ass as boats and boats of immigrants are spread out around the north. Send them all back on there inflatables not wanted here.

With do many job vacancies how the hell can the unemployment double

It about time they started being serious with are money, I swear BoE think they are playing monopoly

Raising interest rates to reduce inflation when inflation is driven by supply (energy) rather than demand is theft. Atleast unless someone at the BOE can tells us how raising interest rates stops the war in Ukraine and increases gas and oil production.

BUT IT IS WORSE IN THE EU - report that BBC.

Successive Tory governments since 2008, just keep finding new ways to make things even worse for most of us.

bbclaurak Sounds like this is being engineered.... Remind me who has been running the UK economy for the last 12 yrs?

Thanks to Tories

FHeisbourg Yaaaaay, brexit is done!

Time to sack , boot out BoE geezer.. !

BOE … they couldn’t run a piss up in a brewery … all need to be sacked

BBC it’s not the Ukraine war it’s the effing Tories tanking the economy with their disastrous feed the rich budget. Stop making excuses for them, they need to go before UK becomes a laughing stock in the world

Can anyone tell me at The Bank of Clownland how raising interest rates reduces the cost of energy to make everything we eat & buy cheaper?

So what?! You have had suucessive Tory governments for almost a decade chosen by the same people now moaning and whining. Plus the same government is now, it appears, volunteering for war with Russia vis a vis Nord Stream plus Sevastapol drone mission lol Good luck either way 😅

Tory Britain! ToryCriminalsUnfitToGovern GeneralElectionN0W

Already feels like we've lived through a fifteen year depression

You took the bribe and did nothing during the pandemic response this is on you British public.

The same news over and over again from the BIASED BROADCASTING CORPORATION.

Okay thanks.

GeneralElectionNow

Thats what 12 years of tory rule gets you.

Conservatives are meant to be good with money, aren’t they? What was austerity for? Didn’t they say we’d be strong and stable?

What a time to be alive! 12 years of Austerity give us… more Austerity, shorten lifespan and we left the best trade deal we could ever had. If you think it’s the fault of migrants, you need your head tested. ToriesOut

Stop increasing prices then ffs

Revolution needed. Tax the corporations! Late capitalism is failing society

I'll just leave this here.

Cost of living crisis for so many.

BrexitBrokeBritain

Another fine Tory mess GeneralElectionN0W

Brexit, fulfilling is potential...

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