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Economics Nerd Central/ The Global Inflation Thread
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<blockquote data-quote="How bad boy" data-source="post: 7081572" data-attributes="member: 3028"><p>[URL unfurl="true"]https://www.theguardian.com/business/2022/aug/04/bank-of-england-raises-interest-rates-to-1-point-75-per-cent-in-biggest-hike-in-27-years[/URL]</p><p></p><p></p><p>As expected, Bank of England rate up by 0.5%, I fully expect it to keep going up for at least the next 6 months, inflation to hit 13% this autumn.</p><p></p><p>They're predicting an absolute shitstorm:</p><p>The longest recession since 2008 would begin by the end of this year, it added, with the economy contracting throughout 2023. The prolonged downturn is expected to push the unemployment rate from 3.8% to 5.5% by 2024, and will feature a record fall in living standards next year.</p><p></p><p>In a blow to the next prime minister’s ambitions to grow the economy, the Bank said gross domestic product would contract by 2.1% over five consecutive quarters to leave the UK growth rate negative in both 2023 and 2024.</p><p>...</p><p>In a review of the economy, the Bank said the UK would emerge from recession before the next election in 2024. But that by then living standards would have fallen by 5%, the biggest decline since records began in the 1960s, the Bank said.</p><p></p><p></p><p></p><p>Liz Truss bocht <img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite3" alt=":(" title="Frown :(" loading="lazy" data-shortname=":(" /></p><p></p><p><img src="https://i.gifer.com/origin/21/2136219a179577f40515f8d149d56c20_w200.gif" alt="" class="fr-fic fr-dii fr-draggable " style="" /></p></blockquote><p></p>
[QUOTE="How bad boy, post: 7081572, member: 3028"] [URL unfurl="true"]https://www.theguardian.com/business/2022/aug/04/bank-of-england-raises-interest-rates-to-1-point-75-per-cent-in-biggest-hike-in-27-years[/URL] As expected, Bank of England rate up by 0.5%, I fully expect it to keep going up for at least the next 6 months, inflation to hit 13% this autumn. They're predicting an absolute shitstorm: The longest recession since 2008 would begin by the end of this year, it added, with the economy contracting throughout 2023. The prolonged downturn is expected to push the unemployment rate from 3.8% to 5.5% by 2024, and will feature a record fall in living standards next year. In a blow to the next prime minister’s ambitions to grow the economy, the Bank said gross domestic product would contract by 2.1% over five consecutive quarters to leave the UK growth rate negative in both 2023 and 2024. ... In a review of the economy, the Bank said the UK would emerge from recession before the next election in 2024. But that by then living standards would have fallen by 5%, the biggest decline since records began in the 1960s, the Bank said. Liz Truss bocht :( [IMG]https://i.gifer.com/origin/21/2136219a179577f40515f8d149d56c20_w200.gif[/IMG] [/QUOTE]
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