The Bank of England has increased interest rates from 1.75% to 2.25% and said the UK may be in a recession already.

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The World Bank has warned that the interest rate hikes by central banks across the world could trigger a global recession in 2023.

The European Central Bank has announced a record increase in Eurozone interest rates in an attempt to fight inflation. It’s lifted all of its main rates by ¾ of a percentage and said that a further rise could be expected later this year.

UK’s New Prime Minister has announced plans to tackle the rising energy bills, saying that the typical household energy bill will be capped at £2,500 per year for two years, starting from 1 October 2022.