Resister News Wire (T.me) Bank of England Warns UK Faces YEAR-LONG Recession with Skyrocketing Inflation
Britain's big squeeze has got even worse today after the BoE raised interest rates by 0.5% - the highest single rise since 1997 – with households facing the longest and sharpest fall in living standards on record.
Officials on the monetary policy committee raised the base rate to 1.75% and warned inflation is heading beyond 13%.
In a bleak assessment, the UK cost-of-living crisis will continue throughout next year and only begin to ease in 2024, with economy contracting for five consecutive quarters, according to the BoE forecasts.
The next PM will enter office in very difficult circumstances. Can the UK trust in Truss to get a grip on inflation? Will billionaire’s husband Rishi care?
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