Governor Andrew Bailey laid out a darkening picture for the UK as the base rate was increased by 0.25 percentage point to a 13-year high of 1 per cent.
The Bank of England has raised interest rates to a 13-year high of 1 per cent warning of inflationary threat.
The Bank warned that headline inflation rate is set to top 10 per cent this year and economy is stalling. First forecast since the Ukraine war began highlights fears of lower growth and pain for years to come
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