Bank of England’s surprise rate hike spurs U.K. recession fears
with a hike that will hit borrowers hard, particularly homeowners who have to refinance in the coming months.
The size of the bank’s 13th hike in a row was somewhat of a surprise, with most economists predicting a smaller quarter-point increase. Figures on Wednesday showed U.K. inflation unexpectedly holding steady at 8.7%, fueling concerns over the outlook for prices after predictions for a modest decline to 8.4%.
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