UK will fall into recession this year, warns Bank

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Chippy_Tea

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Summary

  1. The Bank of England has raised interest rates again from 1.25% to 1.75% as it battles to curb rising prices
  2. The increase is the biggest in 27 years and will increase pressure on households already struggling with the cost of living
  3. It makes mortgages and loans more expensive but increases the return on savings
  4. Inflation, the rate at which prices grow, is expected to rise even further this year, peaking at 13% in October
  5. The UK is expected to fall into recession - which means the economy is shrinking - in the final three months of this year

The Bank of England expects the economy to shrink in the final three months of this year and keep shrinking until the end of 2023, after it raised interest rates from 1.25% to 1.75%.
This would make it the longest downturn since the 2008 financial crisis.
The Bank blamed the slump largely on rising gas prices following Russia's invasion of Ukraine, warning a typical energy bill will hit £3,500 in October.



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Robin54

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Luckily for us the Ukraine war and a 2 year pandemic have had ne effect - Phew, that was close
 
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Perhaps not, but the banking crisis in 2008 was caused by “rising energy prices on global markets, leading to an increase in the rate of global inflation”. All sound a bit familiar?
The financial crisis of 2008 was caused by the targeting of low-income people by predatory lenders and excessive risk-taking in the US. In essence, it was a failure of capitalism when the bankers refused to bank.
 

Brianbrewed

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The financial crisis of 2008 was caused by the targeting of low-income people by predatory lenders and excessive risk-taking in the US. In essence, it was a failure of capitalism when the bankers refused to bank.
That was my understanding of it as well.
Very different to the upcoming knightmare.
 
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In fact, let's nail this "Labour did it, it happened on their watch" garbage.

Brown saves banks from abyss

Brown also regrets not pushing the government's achievement in averting financial disaster and its failure to imprison the bankers responsible.

The world would be a happier place if he hadn't gifted the propaganda opportunity to desperate Tories.
 
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In fact, let's nail this "Labour did it, it happened on their watch" garbage.

Brown saves banks from abyss

Brown also regrets not pushing the government's achievement in averting financial disaster and its failure to imprison the bankers responsible.

The world would be a happier place if he hadn't gifted the propaganda opportunity to desperate Tories.
I’m sure any government could mitigate an “abyss” by chucking £500b of tax payers money at it.

just to say, I’m not a Tory. Just saying I think they are all as bad as each other.
 

Brianbrewed

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, I’m not a Tory. Just saying I think they are all as bad as each other.
I can never agree with statements like this.
There are politicians in every party (including the Conservatives) who are dedicated and are concerned for the well being of their constituents.

A few bad apples ruin it for everyone.
Unfortunately those bad apples seem to have been in Boris Johnson's cabinets
 
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they are all as bad as each other.
No, they're not.

The Tories faced oblivion during New Labour's reign, the current lying and populist rhetoric is a reaction to that. They set out to devalue the rules so that their own foul behaviour didn't seem out of the ordinary and to make people think that all politicians are in it for themselves.

The "they're all as bad as each other" reaction is a cancer on democracy. Note how Conservative MPs railed against Johnson when he adopted right-wing social media attacks against Starmer regarding the Saville smear. He was insulting them too. Also, Tory "equivalency" tried (and thankfully failed) to equate Starmer's one curry and beer work event with Johnson's dozens of regular ****-ups on his own turf.

But if in your world, "they're all the same", then you carry on but remember not to moan when you're ground into the dirt with the rest of us.
 

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