On Friday, clear indicators of a recession showed in Britain’s economy, just a day after the Bank of England decided to end its series of interest rate hikes. While these rate increases were successful in curbing inflation, they have come at the cost of negatively impacting businesses.
The decision by the Bank of England to halt the interest rate increases may have been a reflection of the slowing economy. The signs of a recession are evident as businesses struggle to cope with the impact of these previous rate hikes. It remains to be seen how this will affect the overall economic landscape of Britain in the coming months.
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