Bank of England sets biggest rate hike in 33 years and warns of a long recession | CNN Business

The central bank made its eighth interest rate hike in less than a year, taking its benchmark rate to 3%, the highest it has been since November 2008. The huge hike matches moves made by the US Federal Reserve on Wednesday and the European Central Bank last week. “Inflation is too high, and it’s the bank’s job to bring it down,” Governor Andrew Bailey said at a press conference after the announcement. “If we do not act forcefully now it will be worse later on.

Former Prime Minister Liz Truss’ “mini” budget in late September — with its promise of £45 billion of unfunded tax cuts — crashed the pound, collapsed bond prices, sparked mayhem in mortgage markets and prompted an emergency intervention by the Bank of England to rescue strained pension funds.

Democrats have given America Highest interest rates in over 20 years, Is highest inflation in 40 years, Is highest gas prices in history, Unemployment just tcked up again ( Can't blame the plandemic). All due to Joe Biden's policies backed by 100% of democrats. Just sayin.

There is nothing else besides gay marriage.

Bidenflation is now crushing Europe.

this isn't breaking news enough for you?

Unbelievable

Going to put people cost of living where no one can live.

Republicans believe that Biden is the cause of inflation in the United States I wonder who is the cause for inflation in the UK. The conservative party has been in control there.

Inflation is global. But Republicans and our news media only focus on Biden, Democrats, and U.S. inflation. USA doing better than most. News media should give the full perspective on inflation. POTUS WhiteHouse PressSec JoeBiden

Watch election returns on Real Americas Voice on phone with GETTR app.

Because it's working so well for the U.S.

Odd that Bidens policies are effecting England as well.

It's madness how badly Biden has ruined not only America's economy, but England's as well!

Bank signals rates probably won't go much higher .

Biggest single rise in the cost of borrowing since 1989.

Frauds in Brazilian elections. Electronic voting machines without printing the vote, mass disclosures of polls with errors. The judiciary imposed strong censorship on one of the candidates and allowed additional propaganda insertions on the other. Population on the streets.

Opet po sirotinji 🤔

Is anything in the UK better than it was in 2010? serious question Wato

Bit sad innit bruvs?

Cost of living crisis for so many people everywhere.

Gotta pay for all them immigrants

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Bank of England fights inflation with biggest rate hike in 33 years | CNN BusinessThe Bank of England raised interest rates by three quarters of a percentage point on Thursday, the biggest hike in 33 years, as it tries to contain soaring inflation even as the UK economy slides towards recession. Looks like their plan to 'quell inflation' is to make reserves disappear, borrowing unaffordable and consumers so scared that thousands of small and very small businesses go under. Under the theory 'they can't raise prices/inflation if we drive them out of business' B*llsh*t it’s to make people poorer Looks like their plan to 'quell inflation' is to make money disappear, borrowing unaffordable and consumers aware of price increases due to pandemic/payroll so most small/very small business go under. Plan = 'they can't raise prices/inflation if we drive them out of business'
Source: cnni - 🏆 326. / 59 Read more »