Soaring inflation expected to climb to more than 13 percent by the end of the year has prompted the UK’s central bank to deliver its biggest interest rate increase in 27 years, even as officials say that the country is heading into a recession.
The Bank of England announced on Aug. 4 that its rate-setting body, the Monetary Policy Committee (MPC), voted 8–1 to raise the key interest rate by 50 basis points to 1.75 percent.
