Normally you’d expect the biggest single hike in interest rates for 27 years would make the biggest headline.
But the dismal economic forecasts from the Bank of England make equally grim reading.
Rising interest rates will mean mortgage and loan repayments will go up.
That bitter medicine is supposed to treat spiralling inflation.
And there is also the warning that we are about to crash into a recession like that of 2008.
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Doesn't a "Long Recession"… turn into a "Depression" 😑
This has little to do with the war in Ukraine, I wish they would stop this BS. A lot of this is orchestrated to pay for the deficit of £17 billion that furlough cost. Higher prices = more revenue for the government, it has to be paid back somehow.
Blame global warming 🤣
They raise interest rates to slow down the economy so people haven’t got his much to spend
That’s happening without interest rate rises fuel costs food costs heating costs so the poor can’t afford to buy anything the rich still can. You want to slow the economy down even more stop the rich from spending
The pool we have nothing to spend
The conservative philosophy is that everyone should work hard and not be unemployed. How hard can you work? If you fit the profile, the least you need is a salary that keeps up with inflation. So strike strike strike.
There's poverty not because we can't feed the poor, but because we can't satisfy the Rich .
I think the economy will suffer more, people will think twice before Christmas spending
Why ofgem is not working for us but is working for the gas and electricity company this is what is meant to be happening but this is what they say We work to protect energy consumers, especially vulnerable people, by ensuring they are treated fairly and benefit from a cleaner, greener environment now that is ofgem saying that but what a load off b*ll s**t they are being paid alot off money to grant the big 6 companies that have the market and they are pay out very well there names scottish power-spanish utility 2 sse-ovo energy 3 british gas – centrica 4 shell energy 5 EDF-France 6 eon-germany they have a money pit free to do what the like with assets and Ownership off the coast off the 🇬🇧 we have assets on gas of 7.32 trillion cubic gas which is not suppled to the uk it put on the open market to the highest bidder but I think we should take back control off these assets and think off Ower own people as ofgem the government and these companies are not thinking us they only think of there share holder's and that includes ofgem to tk that in Europe gas and electricity went up 44% here 400%+ it time we took action as they are all laughing at us and the more they can get away with it the more they will do it take action Jonathan Brearley ceo of ofgem paid £300,000 +£15,000 in perks no bad for a person that meant to protect the people ?? But is protecting the big companies I mentioned in my blog wake up before it to later people
It will be the working class who's going to suffer this lote ,they do not care ..they blame everyone's else for their mistakes and arrogancy…
I cannot wait for November, with more Guy Fawkes celebrations
we all forget about money spending and buying boxes of fire works from every supermarket in Britain…we will see.
The banks have been pumping money into the world economies for the past 15 year, They convinced policy makers that they could print free money and grow the economy , they failed big time. AND now the ordianry people on the street will pay the price for a doomed economic experiment.
Well done for the idiots who voted for Brexit – Is anyone surprised!?
Stop beating 🏫
nice
Cost of living increase comes from inflation. inflation is a symptom of the Bank of England (a private entity) printing money and government spending. All roads ultimately lead to government. The beneficiaries are corporations the victims are us the People. Lockdowns, War, are government motivated. BREXIT is the engine for growth free from the EU's bureaucratic morass and taxes.
ahaha, sanctions against Russia in action))
Wealth transfer by design of the Davos elites and WEF
Lol are we being held hostage by putin lol no you sanctioned them you idiot of a woman
The government put us in debt then want us to vote for them!
The bank of rothchilds you mean it doesn't belong to the country or the people.
Power to the people.
Pelosi: ‘We Have $60 Billion for Diversity, as We Meet the Challenge of the Climate Crisis’ in the Inflation Reduction Act
Wtf ?
Waioow har. Maby I sot seek for politic refugee in London and get wellfaer., and move to blackpool
What cointry, England, Scotland, Wales, the UK is not a country.
A central bank is not Independent.
The Conservatives are clueless on the economy. Inflation is being caused by profiteering. Example, oil price per barrel in 2008 was at its highest at £189.56. In 2022 its highest was £116.28. The highest average price at the pump was £119.28 in 2008. Quick math check would reveal we should be paying less than £0.75p per litre. We are paying a £1 per litre too much for fuel, and that's the tip of the economic iceberg.
Information in the UK is partly I ported. We don't manufacture much, we import most raw materials and we are massively in debt. The inflation we are going to experience is more to do with the fluidity of money and the shear amount of the fake monny printed. The govement can take the massive amount of tax off our energy. The issue is we sold our gas resources stoped preduceing coal and gorden brown sold our gold. Buckle up folks we are going to experience hard times. We need to rid our self of banks politicians and reduce govement. Take away the power of Big corruption and goven our self's untill then the poor will only get poorer!
The result of 12 years of Tory rule. Well done everyone 👏
Andrew ‘Doom n Gloom’ Bailey
Boris is the best thing to happen to not only the Conservative Party but Goverment in its entirety. This country is run by corrupted criminals. The pandemic of fear exposed the lot of them. We are in serious trouble but we must not move forward in FEAR otherwise they will win the war on humanity.
We must stand tall and strong with LOVE & HOPE FOR ONE ANOTHER.
The cost of living crisis appears to be a global problem, although here in the UK it has been made worse by the increase in the prices of many goods. I believe that the government has the ability to reduce the cost of electricity, but for some reason, I don't think they are concerned about how the common person would do in these strangely challenging times.
And it's all by design
this is what green energy does to a nation. destruction poverty and eventually starvation for millions.
I blame dirty politics going on in UK now .
Sunak and Truss don't have the experience nor the backbone to go against their "Sponsors" to fix the UK economy or help the UK voting and tax paying citizen. While the conservatives are dragging their heels, every day the UK economy is getting worse and the only worry on their minds are status and position. They should have never gone against Boris and because of it, we all will be voting Labour next!
Yet interest rates still remain low. Mexico has a similar inflation levels yet their interest rates are far higher!!! I smell a ponzi scheme.
We are going down hill everyday! This country is a joke
He wants to cut rates in the face of 18% inflation in Jan. I thought the leaders in the USA were stupid.