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Al Jazeera
Al Jazeera
Business

Bank of England delivers biggest interest rate hike in 33 years

Bank of England Inflation Economy Jeremy Hunt Recession
The Bank of England's move on Thursday came after consumer price inflation returned to a 40-year in September [File: Frank Augstein/AP]

The United Kingdom’s central bank has warned that the country faces a long and painful recession after announcing its biggest interest rate hike in more than 30 years in a bid to fight soaring inflation.

The Bank of England’s (BoE) move on Thursday to boost its key rate to 3 percent, up from 2.25 percent, came after consumer price inflation returned to a 40-year high in September.

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