A two-year recession has begun, says the Bank of England

Alongside a rather defensive interest rate hike today, the Bank of England unveiled some alarming forecasts for economic growth. The BoE predicts the economy will be in ‘recession for a long period’ – until mid-2024 – with inflation peaking around 11 per cent. 

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While the Bank is predicting that the recession will be shallower than other contractions, we are looking at the longest recession on record.