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Bank Of England Steps Up Tightening Despite Looming Recession

The Bank of England raised its benchmark rate by half-a-percentage point and outlined plans to offload government bonds citing persistent inflationary pressures and the tight labor market conditions despite a looming recession. The Monetary Policy Committee of the central bank voted 8-1 to lift the bank rate by 50 basis points to 1.75 percent, the highest rate since December 2008.
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