UK starts to feel the pinch from biggest rate hikes in 33 years

LONDON: Britain’s economy is shuddering to a halt under the weight of the biggest increases in borrowing costs in more than three decades, with concern mounting that rates are headed higher still.

Economists and investors expect the UK central bank to raise its benchmark lending rate by three-quarters of a percentage point to 3% on Nov 3. That’s the highest since 2008 and would mark the biggest single increase in 33 years.