UK WARNED OF LONGEST RECESSION IN 100 YEARS

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FACTS

The alert from Bank of England comes after it pushed up the cost of borrowing to 3 per cent in the biggest single interest rate rise since 1989.

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UK economy is currently facing an "very uncertain outlook" and the recession is expected to continue through the middle of 2024. 

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The United Kingdom has been warned by the Bank of England about the country's descent into the deepest recession in the past 100 years. 

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The warning comes after the central bank increased costs of borrowing by 3 percent in the largest single rate increase since 1989. 

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The Bank stated they believe that 0.75 percent increase, which is the latest of 8 rate increases since the beginning of last year 

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According to the report published in The Guardian, the UK economy is facing an "very uncertain outlook". 

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This recession that began in the summer of this year and is expected to continue until the middle of 2024. 

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The only positive is that mortgage owners could be relieved as the central bank has nixed expectations for a significant increase in borrowing costs. 

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