Fight against inflation raises spectre of global recession

Analysis: Interest rate cuts show central banks willing to plunge economies into recession to halt price rises

The fight against inflation intensified this week as central banks stepped up their efforts to cool rising prices, and a global recession could be the price we pay.

Investors reeled from the biggest rise in US interest rates in almost three decades, before Switzerland piled in with a shock increase in its borrowing costs, topped off by the fifth rise in a row from the Bank of England.