by The Bank of England has raised interest rates for the 10th time in a row, upping the base rate from 3.5 per cent to 4 per cent. The Bank have commented upon the fact that the UK is still heading into a recession, however, but the downturn will be shorter and less steep. Therefore, we will be able to recover quicker. Peak-to-trough gross domestic product (GDP) is set to shrink by 1 per cent – down from the 3 per cent previously projected. Rates will then stay above 3.25 per cent for at least the next three years, according to the forecast. This is despite inflation starting to dip.
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Will we see a half in interest rate by the end of 2023?