Bank of England: UK facing longest recession since records began

The Bank of England is warning that the UK is facing its longest recession on record, which will drag on into the first half of 2024.

The UK's central bank also raised interest rates by 0.75 percent on Thursday - its biggest hike in more than three decades.

Here's the Governor of the Bank of England, Andrew Bailey, explaining why it's decided to increase rates to 3 percent.

IN: "People should not…"
OUT: "....worse later on."
DUR:  00:27

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