The Bank of England is all set to end its tightening cycle with a final rate hike this week as any further increase will push the UK economy into a deep recession.
The record high wage growth as well as persistently high inflation strengthened the call for additional policy tightening.
However, the past rate hikes have started to damp the economic activity. Recent economic indicators suggest that the economy has entered a mild recession.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.