BoE Expected to Hike Interest Rate to Highest Level Since 1980s as Prospect of Recession Deepens

Earlier, echoing forecasts made in September by Bank of England (BoE) governor, Andrew Bailey, a leading UK economic forecasting group, the EY ITEM Club, warned that high energy prices, inflation at a 40-year high of 10.1% in September, and rising interest rates indicated that the country was heading for recession until the middle of 2023.