Bank of England hikes interest rates again as inflation heads towards 11%

The United Kingdom's central bank has hiked interest rates for a fifth

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time since December in a bid to tame spiraling inflation

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The Bank of England said on Thursday that it would raise

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the cost of borrowing by 25 basis points to 1.25% despite fears

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prices are already squeezing households and weighing on economic growth

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"Bank staff now expect GDP to fall by 0.3% in the second quarter

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as a whole, weaker than anticipated at the time of the May Report,"

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Bank of England said in a statement "Consumer confidence has fallen further

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