The Bank of England (BoE) on Thursday raised its key interest rate the biggest in 27 years in a bid to stem inflation, which is expected to top 13%, while warning that a long recession was imminent.

It raised its key rate by half a point to 1.75%, as expected by a large majority of economists and analysts polled by Reuters before the meeting of the Monetary Policy Committee (MPC).

The decision was voted by eight votes, with only one Committee member voting for a quarter-point increase.