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August 5, 2022
LONDON — The Bank of England projected Thursday that the United Kingdom's economy will enter a recession at the end of the year as it hiked interest rates by the largest amount in more than 27 years, pushing to tame accelerating inflation driven by the fallout from Russia's war in Ukraine.
The rate hike of three-quarters of a point pushes the bank's key interest rate to 1.75%, the highest since the depths of the global financial crisis in December 2008. The move looks to draw down galloping consumer prices driven by soaring energy costs as Russia restricts natural gas to Europe and further cuts are a risk, Bank of England Gov. Andrew Bailey said.
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