The Bank of England was one of the first major central banks to raise interest rates to control rising prices, as it has raised interest rates since December 2021 twelve times so far, to reach their highest levels since 2008.
So far, the British central bank has failed to control the pace of inflation, which remains above 10% and the highest in Western Europe.
Britain’s economy is suffering major challenges with high inflation and falling growth rates as Britain is the only Group of Seven country that has not returned to conditions before the outbreak spread from Corona.
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