Britain ‘already in recession’ says Bank of England as interest rates rise by 0.5%

The UK interest rate is now at its highest level since 2008

Thomas Kingsley
Friday 23 September 2022 09:12 BST
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UK ‘in recession’ amid Bank of England interest rates hike

A 0.5 percentage-point rise to interest rates announced on Thursday was smaller than expected – but will nonetheless add nearly £600 to the annual average tracker mortgage and experts are predicting more rises to come.

The Bank of England’s move to deliver 2.25% defied market expectations and came despite the US Federal Reserve announcing its third 0.75-point hike in a row.

It said it now expects a 0.1 per cent fall in GDP over the current quarter, indicating that Britain is in a recession.

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