Bank of England warning… UK may come soon, no hope of recovery by 2023
Aug 04, 2022 | 6:17 PMRead more: Reduce Diabetes: These foods will not allow sugar to grow, definitely involve the food plate
Bank of England has issued a big warning. This bank has said that this year the United Kingdom (UK) can go to the recession and it is unlikely to recover by 2023. Inflation is being said to be the real reason for the recession. To bridge inflation, the Bank of England has increased the interest rates from 1.25 percent to 1.75 percent. The increase in interest rates further strengthens the possibility of recession. According to Bank of England, the longest phase of recession will be for the UK which can go by the end of the year 2023. Until the country recovers from the economic crisis, the impact of the recession can remain. However, a good indication is that like the previous recession, the crisis this time will not be as frightening.
Bank of England believes that the economic crisis will begin in the next three months which may continue till the end of 2023. Is. The recession of 2008 did not last as long as it is being told this time. However, the situation will not deteriorate as last time. The big role in this is being told of Russia-Ukraine War. The prices of gas in the UK are continuously increasing because the supply of gas in this entire area has been disrupted due to the war. Due to this, inflation is increasing, which is being pushed into recession the entire economy.
UK people have to spend the most expenses to meet their energy needs. Gas -based expenses are constantly seeing a boom. According to an estimate, every family of UK is spending about 300 pounds per month. Comparing from a year ago, people have to spend 3 times more on needs like gas. This will increase more inflation in future times. Inflation in the UK is expected to reach 13 percent, which is a record of the last 42 years. By the end of this year, UK inflation rate can reach 13 percent.
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