British economic growth 'expected to be below pre-pandemic rates' for three years

British inflation has flared higher than in many other European countries, despite it raising interest rates beyond levels imposed by the European Central Bank

The Bank of England hiked its official rates to 5.25%.

The Bank of England has forecast the British economic growth is set to stagnate over the next three years as the central bank again hiked official UK interest rates to 5.25% in its fight against inflation there. 

It has projected inflation in Britain will cool from just under 8% in June to 5% by the end of the year, but would stay well above its 2% target rate for some time.