Sky News
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Bank of England raises interest rates to 1% despite recession warning
Posted
May 5, 2022
Views
30,840
Likes
263
Comments
122
Engagement
1.25%
May 5, 2022
30,840
263
122
1.25%
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1:39
3:05Now PlayingThe Bank of England has raised the base rate of interest to 1% - the fourth consecutive increase as it continues to move against surging inflation - despite a warning about a recession ahead.
The Bank forecast that inflation will reach 10%, which is said to cause an unprecedented squeeze on household incomes.
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