BOE Raises Rates by Most Since 1995

BOE Raises Rates by Most Since 1995, Warns of Long Recession

The Bank of England unleashed its biggest interest-rate hike in 27 years as it warned the UK is heading for more than a year of recession under the weight of soaring inflation.

The pound fell.

The half-point increase to 1.75%, predicted by most economists, on Thursday was backed by eight of the central bank’s nine policy makers, who also kept up a pledge to act forcefully again in the future if needed.…