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LONDON – The Financial institution of England raised rates of interest to three% on Thursday from 2.25%, its largest fee rise since 1989, however it pushed again in opposition to expectations for additional steep hikes, saying Britain faces a protracted and painful recession.
The pound slid briefly beneath $1.12 after the choice because the central financial institution stated it “may” increase rates of interest once more due to a “very difficult” financial outlook.
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