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Central banks are in the spotlight today as the Bank of England and the European Central Bank both set interest rates.
Both banks are trying to fight double-digit inflation (sharply over their targets of 2%) and both are expected to raise borrowing costs by half a percentage point.
That would take UK interest rates up to 3.5%, the highest level since October 2008, up from 3% at present, despite fears the UK is falling into recession.
A 50 basis-point hike is punchy by historic standards, but would actually be a slowdown after the Bank of England lifted borrowing costs by three quarters of a percent last month to 3%, its biggest rise in three decades.
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