BREAKING: UK inflation will reach 10.9%, and the economy won’t recover until 2024 – BoE

The Bank of England on Thursday hiked its interest rate 0.75 percentage points, the biggest increase in 33 years, to fight inflation set to peak around 11 percent in recession-hit Britain.

The BoE voted to lift borrowing costs to three percent, the highest level since the 2008 global financial crisis and said Britain was in a recession set to last until the mid-2024.

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