Interest rates have been increased for the 7th time in a row to prevent inflation and recession in the UK.
The Bank of England hiked interest rates by 50 basis points to 2.25 percent.
This is the highest interest rate in 14 years, while the Bank of England said the UK is likely to be in recession.
The rate of inflation in Great Britain has also reached the highest level of 40%.
The Bank of England has raised interest rates by 2% through 2022, with further increases likely in the coming months.
The Bank of England’s Monetary Policy Committee said the British economy is already in recession and may shrink over the next two quarters.
The Bank of England has estimated that inflation in the UK could reach 11% in October 2022, compared to the bank’s previous forecast of 13.3%.