Chamber News
The Bank of England has announced its highest interest rate rise since 1989
3 November 2022 • Sarah Medcraf
The Bank of England has announced its highest interest rate rise since 1989.
Interest rates have increased by 0.75% from 2.25% to 3%.
This is the first time that interest rates have been at 3% since 2008 and the global financial crisis.
In its latest monetary policy report, the BoE forecasts a UK recession to the first half of 2024 from this past summer. This would be the longest recession in UK history since the Great Depression.
Unemployment is forecast to nearly double by the end of 2025 with household incomes expected to fall on top.