What next for the UK economy?

‘Steepest decline in living standards on record’ forecast as recession expected to last until the end of 2023

Governor of the Bank of England Andrew Bailey faces the media on 4 August 2022
Governor of the Bank of England Andrew Bailey faces the media on 4 August 2022

The Bank of England said yesterday that the UK will fall into recession as it unveiled the biggest rise in interest rates for 27 years.

In an alarming set of forecasts for the economy, the bank said inflation would surge above 13%, causing the worst squeeze on living standards for more than 60 years.

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