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UK central bank raises interest rate, warns of recession

The Bank of England has warned that Britain is facing a recession as it hiked its benchmark interest rate by 0.5%.

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Since Russia invaded Ukraine four months ago, the cost of living crisis has become a global issue. Prices have gone up around the world. In Europe, the countries that use the euro saw an average of 8.1 percent inflation in May. Pressure on prices, combined with stuttering economic growth, has sparked fears of a recession. These concerns could still come into play regarding the EU's response to the Russian invasion of Ukraine. In this programme, we're joined by two MEPs to discuss how the EU should balance sanctions against Russia with the risk of recession.
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Find these stories and much more when you grab a copy of The Guardian on Friday.⁣
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Foreign Minister Annalena Baerbock has written an opinion piece with her Irish counterpart in a British paper, saying the UK was "not engaging in good faith" with its plans to change the Northern Ireland protocol.
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