BoE Expected to Raise Interest Rates to Highest Level Since 1980s as Prospect of Recession Deepens

Earlier, echoing forecasts made in September by the 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 percent in September, and rising interest rates indicated that the country was heading for recession until the mid-2023.