The Bank of England has voted to raise rates by 50 basis points. The central bank has opted for the biggest rate hike in 27 years. Raising the alarm, the bank has predicted that the UK economy will slide into recession from the fourth quarter of this year. The central bank expects the recession to be a long one, lasting 5 quarters. The bank has also cut GDP forecasts for 2022, 2023 and 2024. On India Tonight, ahead of the RBI’s MPC, ET Now’s Vikram Oza dives into the BoE’s action as we take a look at how central banks around the world are reacting the recession fears. We are joined on the show by Peter Cardillo, Chief Market Economist, Spartan Capital Securities LLC…tune in!