BoE hikes rate by biggest amount in 33 years

London: The Bank of England on Thursday hiked its interest rate 0.75 percentage points, the biggest increase in 33 years, to fight inflation set to peak around 11 percent in recession-hit Britain.

The BoE voted to lift borrowing costs to three percent, the highest level since the 2008 global financial crisis and said Britain was in a recession set to last until the mid-2024.

The post BoE hikes rate by biggest amount in 33 years appeared first on Kuwait Times.