UK Faces Longest Recession Ever

The Bank of England has warned the UK is facing its longest recession since records began, as it raised interest rates by the most in 33 years. <br />The Bank says the country would face a very challenging two-year slump and unemployment will nearly double. <br />It lifted UK interest rates to 3% from 2.25%, the biggest jump since 1989. <br />Interest rates have been rising since last December as the cost of living has accelerated, leaving many UK households facing hardship. <br />The Bank now believes the economy already entered a "challenging" downturn this summer, which will continue next year and into the first half of 2024 - a possible general election year.