Bank of England warns UK will fall into recession

In United Kingdom, the Bank of England has warned the country will fall into recession as it raised interest rates by the most in 27 years. Interest rates rose to 1.75 percent as the Bank battles to stem soaring prices, with inflation now set to hit over 13 percent.

According to media reports, the economy is forecast to shrink in the last three months of this year and keep shrinking until the end of 2023. The main reason for high inflation and low growth is soaring energy bills, driven by Russia-Ukraine conflict.