Bank of England hikes interest rates by half a point for second straight month

The Bank of England announced its seventh interest rate hike in less than a year on September 22, despite forecasting a recession, as it battles the highest level of inflation of any G7 economy.

The Bank of England announced its seventh interest rate hike in less than a year on Thursday, despite forecasting a recession, as it battles the highest level of inflation of any G7 economy.

The central bank repeated last month's hike of half a percentage point, taking rates to 2.25% from 1.75%. It said it expected inflation to peak next month at 11%, lower than it previously expected because of government intervention to subsidize energy bills.

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