UK issues grim economic forecast

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Texas gunman wasn’t confronted outside school, official says, in new timeline of school massacre

Victor Escalon, Regional Director of the Texas Department of Public Safety South, speaks during a press conference in Uvalde, Texas on May 26. (Eric...

Official: Texas gunman not confronted before entering school

Victor Escalon, Regional Director of the Texas Department of Public Safety South, speaks during a press conference in Uvalde, Texas on May 26. (Eric...

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The Bank of England warns of recession risk as it hikes interest rate to tackle soaring inflation

The Bank of England has raised its base rate from 0.75% to 1% on Thursday, in an attempt to curb soaring inflation that is predicted to surpass 10% by the year end.

The measure has sent the cost of borrowing to its highest level since February 2009.

The regulator has warned that the cost-of-living crisis could plunge the economy into recession this year. Last month inflation in the UK rose to 7% – the highest rate in 30 years, driven by rising fuel costs against the backdrop of the Ukraine-related sanctions on Russia. The Bank’s official target for this year was set at 2%.

The development sent the British pound plunging to its lowest level since July 2020, as the currency hit 1.2393 against the dollar early Thursday afternoon London time, shedding nearly 2% of its value against the greenback.

According to the central bank, real household disposable income will fall sharply this year due to rising energy prices, and unemployment would also begin to climb, reaching 5.5% in three years.

For more stories on economy & finance visit RT’s business section

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Texas gunman wasn’t confronted outside school, official says, in new timeline of school massacre

Victor Escalon, Regional Director of the Texas Department of Public Safety South, speaks during a press conference in Uvalde, Texas on May 26. (Eric...

Official: Texas gunman not confronted before entering school

Victor Escalon, Regional Director of the Texas Department of Public Safety South, speaks during a press conference in Uvalde, Texas on May 26. (Eric...

Zelensky: Russian action in Donbas is ‘obvious policy of genocide’

4 hr 22 min agoZelensky says Russian action in Donbas is "an obvious policy of genocide"From CNN's Hira Humayun Ukrainian President Volodymyr Zelensky speaks during...

The latest on the Russian invasion of Ukraine

8 min agoLeading experts accuse Russia of inciting genocide in Ukraine and intending to "destroy" Ukrainian peopleFrom CNN's Ivana KottasováRussia's actions in Ukraine provide enough...

Ukrainian President’s statement came as Russian forces intensify their bombardment of areas in eastern Ukraine

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