The United Kingdom's central bank has hiked interest rates for a fifth
time since December in a bid to tame spiraling inflation
The Bank of England said on Thursday that it would raise
the cost of borrowing by 25 basis points to 1.25% despite fears
prices are already squeezing households and weighing on economic growth
"Bank staff now expect GDP to fall by 0.3% in the second quarter
as a whole, weaker than anticipated at the time of the May Report,"
Bank of England said in a statement "Consumer confidence has fallen further