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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 13:11:15 KST

The Bank of England raised interest rates by 50 basis points to 2.2-5 percent on Thursday amid the country's worst inflation in 40 years.
It marks the highest key benchmark rate in almost 14 years.
The move comes as the UK saw a nearly 10 percent on-year increase in inflation in August, well above the BOE's 2 percent target and follows the U.S. Fed's third consecutive "giant step" interest hike of zero.7-5 percentage points.
With Thursday's decision, the BOE now expects inflation to peak at just under 11 percent in October, down from its previous estimate of 13 percent.
Meanwhile, the BOE also warned the UK may already be in a recession.
The central bank had expected the economy to grow in the third quarter of the year but it now believes it will contract by zero.1 percent.
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