UK’s economy shrinks unexpectedly 0.5% in July

Britain’s economy fell 0.5 percent in July from June at an unexpectedly sharp rate, that will add to worries about the outlook, according to figures released by the Office for National Statistics on Wednesday.

The interest rates expected to raise quarter point at 5.5 percent, with the potential to hike again by the end of 2023. Andrew Bailey, Bank of England Governor, noted that the ‘boldest monetary’ tightening cycle since the 1980s was nearing completion.