ITV News published this video item, entitled “Bank of England increases Interest rates by 0.5% to highest level since 2008 | ITV News” – below is their description.
The Bank of England (BoE) has raised interest rates to 2.25% from 1.75%, the highest rate-level since the 2008 financial crisis.
The 0.5 percentage point change is the same rate increase as the bank’s last hike, and is the seventh consecutive time the BoE has increased interest rates.
In addition, it represents the highest interest rate the UK has had since November 2008. In December 2008, the base rate was slashed from 3% to 2%.
The BoE has said it now expects a 0.1% fall in GDP over the current quarter, indicating that the country is already in a recession. The central bank had previously projected the economy would grow in the current financial quarter.
It comes after a reported 0.2% fall in GDP in the second quarter. A technical recession is when the economy shrinks for two quarters in a row.
ITV News YouTube Channel
Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.