The Bank of England raises interest rates to 3%, the largest increase in more than three decades

The Bank of England announced today that it will raise the official interest rate for the eighth time on sequentially by 0.2022 a percentage point to 3% (the highest rate hike in more than three decades) in a move aimed at curbing inflation, which reached its highest level in

a year.

And in the Bank of England’s economic forecasts Accompanying the rate hike decision, the Bank warned that the UK was facing its longest recession since the Great Depression, adding that the unemployment rate would double. )

And the pound fell – after the Bank of England announced an interest rate hike – by 1.4% to 1.40 against the US dollar, and also fell by 0.8% against the euro to reach 1.15 Euro. A. Hussain