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Bank of England expects UK to fall into longest-ever recession

The Bank of England raised UK interest rates by 75 basis points from 2.25%-3%, the biggest jump since 1989. It has now raised rates 8 times since Feb to tame inflation, which hit a 40-year-high of 10.1% in Sept. The bank also warned the UK is facing its longest recession since records began, adding it is entering a "very challenging" 2-year slump, with unemployment nearly doubling by 2025.