Bank of England hikes interest rates and warns UK to enter recession with inflation to pass 13% – business live

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Interest rates rise to 1.75% – the biggest jump in 27 years – as BoE warns UK faces long recession as high gas prices hit households

The looming UK recession shows that the government has lost control of the economy, says R“This is further proof that the Conservatives have lost control of the economy, with skyrocketing inflation set to continue, while mortgage and borrowing rates continue to rise.

“Labour would help households right now by removing the tax breaks that are subsidising oil and gas producers and using that money to help people now, including by cutting VAT on energy bills. “Along with many other countries the UK is facing global economic challenges and I know that these forecasts will be concerning for many people.

 

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