Bank of England makes historic rate hike despite 'very challenging' outlook
Source: Reuters
LONDON, Nov 3 (Reuters) - The Bank of England raised interest rates to 3% on Thursday from 2.25%, its biggest rate rise since 1989, but it pushed back against expectations for further steep hikes, saying Britain faces a long and painful recession.The pound slid briefly below $1.12 after the decision as the central bank said it "might" raise interest rates again because of a "very challenging" economic outlook.The…