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Bank of England raises interest rates by 0.5%p to 14-year high of 2.25% Updated: 2022-09-23 12:04:41 KST

In the U.K.
The Bank of England has raised its benchmark interest rate by 50 basis points to 2.2-5 percent to rein in the country's worst inflation in 40 years.
Now this is the highest rate in almost 14 years and comes in response to the almost 10-percent on-year surge in inflation in August well above the central bank's 2-percent target.
It also follows the U.S. Federal Reserve's third consecutive giant step of a 75-basis-point rate hike.
Given Thursday's decision the Bank of England believes inflation will peak at just under 11-percent in October down from its previous forecast of 13-percent.
Bank officials also believe the U.K. may already be in a recession.
They had spoken about an economic growth in the third quarter but are now forecasting a contraction of 0.1 percent.
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