The UK chancellor, Jeremy Hunt, has said 'today's news is going to be very tough on families' after the Bank of England made its biggest interest rate rise in three decades, warning that the UK is in a 'prolonged recession' amid the cost of living crisis.
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Hunt added: 'There is a global economic crisis', after the International Monetary Fund said a third of the world's economy was in recession

UK in ‘prolonged recession’, Bank of England warns, as it hikes interest rates to 3% – business live ► https://www.theguardian.com/business/live/2022/nov/03/bank-of-england-interest-rates-inflation-pound-recession-ftse-stock-market-business-live?filterKeyEvents=false&page=with:block-6363c5af8f08f79d02f03a7f#block-6363c5af8f08f79d02f03a7f

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