Bank of England raises rates by most since 1989 even as long recession looms

Bank of England

© APA | Bank of England

# 03 November 2022 19:27 (UTC +04:00)

The Bank of England raised interest rates by the most since 1989 on Thursday but it also warned that Britain faced a long recession and told investors borrowing costs were likely to go up by less than they expect, APA reports citing Reuters.

The BoE increased Bank Rate to 3% from 2.25% even as it said Britain's economy might not grow for another two years, a slump longer than during the 2008-09 financial crisis.