Bank of England governor defends rate hike ahead of looming recession. 
The governor of the Bank of England has defended its decision to raise interest rates, saying there is a "real risk" of soaring prices becoming "embedded". 
Interest rates rose to 1.75% - the biggest rise in 27 years - with inflation now set to hit more than 13%. 
The UK is forecast to fall into recession this year, with the longest downturn since 2008 predicted. 
Increasing interest rates is one way to try and control inflation as it raises borrowing costs. 
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Tagged as: Financial Planning
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