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Britain and world set for 'hard landing'
Continue to the storyFears are growing of a sharp slowdown in the global economy, triggered by big increases in energy prices and rising interest rates. Economists at HSBC say there is a greater risk of a “hard landing” for both the world economy and Britain. Oil prices hit a record of more than $78 a barrel on Friday, driven up by the escalating Middle East conflict. At the same time the Bank of Japan ended its zero interest-rate policy by raising its key rate, for the first time in six years, to 0.25%.