Bank of England says UK in recession as it raises interest rates to 14-year high of 2.25% – business live

UK central bank predicts economy shrank for second quarter in a row, after shops closed and many stayed at home for Queen Elizabeth II’s state funeral

Norway’s central bank has joined the rate-hikers.

The Norges Bank has lifted its benchmark interest rate by 50 basis points, to 2.25%, and signalled that the policy rate will probably be raised further in November.

Many will be facing a squeeze on finances given the rapid rise in prices at the same time as the policy rate is being raised.

But a faster rate rise now reduces the risk of inflation becoming entrenched at a high level and thereby the need for a sharper tightening of monetary policy further out.

Continue reading…

10109

81

Subscribe

Connect with

Login

I allow to create an account

When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.

DisagreeAgree

Notify of

new follow-up comments new replies to my comments

Label

{} [+]

Name*

Email*

Website

I allow to create an account

When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.

DisagreeAgree

Label

{} [+]

Name*

Email*

Website

0 Comments

Inline Feedbacks

View all comments