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Economy

BoE raises interest rates to 3%

In total, while the BoE predicts the recession to be less severe than the financial crash of 2008 and in the 1980s, it is set to last over eight quarters until the middle of 2024

The Bank of England (BoE) has raised the base rate of interest to 3%, an increase of 0.75%, as it warned that the UK is set to face its longest recession since records began.

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