BOE Warns of Long Recession as Inflation Soars

Bloomberg Markets and Finance published this video item, entitled “BOE Warns of Long Recession as Inflation Soars” – below is their description.

The Bank of England warned the UK is heading for more than a year of recession under the weight of soaring inflation as it unleashed its biggest interest-rate hike in 27 years. Lizzy Burden reports on Bloomberg Television.

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Bloomberg Markets and Finance features news about financial markets from around the world. Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City. It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.

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In This Story: Bank of England

The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government’s banker, and still one of the bankers for the Government of the United Kingdom, it is the world’s eighth-oldest bank.

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In This Story: Inflation

In economics, inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money.

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