What are the implications of the bank's decision to implement a jumbo rate hike?
BOE Warns of Long Recession as Inflation Soars

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How does the current inflation rate compare to historical rates mentioned in the text?
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What challenges does the bank face in forecasting economic conditions?
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What concerns are raised regarding the potential tax cuts proposed by Liz Truss?
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What is the significance of quantitative tightening as discussed in the meeting?
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