The UK could be facing the longest period of recession since reliable records began, the Bank of England has warned, as interest rates have been hiked again. The Bank of England has said further interest rate hikes could be required to tame runaway inflation, as it implemented the biggest single increase since 1989.
All but two members of the Monetary Policy Committee (MPC) voted to push up interest rates by 0.75 percentage points, from 2.25% to 3%, during a crunch meeting on Thursday.
One member of the nine-person MPC voted for a 0.5 percentage point increase, while another wanted a much softer 0.25 percentage point rise.
