Bank of England hikes rates by 50 basis points, now sees 'much shallower' recession than feared
The Bank of England on Thursday hiked interest rates by 50 basis points.
Below is an instruction that describes a task. Write a response that appropriately completes the request.

### Instruction: Bank of England hikes rates by 50 basis points, now sees 'much shallower' recession than feared

### Response: The Bank of England on Thursday hiked interest rates by 50 basis points.