Interest rates rise 0.5% as Bank of England says UK ‘already in recession’

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A rate rise of 0.5 percentage point announced on Thursday was less than expected – but will nevertheless add almost £600 to the annual average tracker loan, and experts predict more rises to come.

The Bank of England’s move to deliver 2.25% defied market expectations and came despite the US central bank announcing its third straight 0.75 basis point hike.

It said it now expects a 0.1 percent fall in GDP over the current quarter, indicating Britain is in recession.

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