we start here in the uk where the bank of england has given its bleakest forecast in recent memory a prolonged recession is on the way, starting this autumn and continuing all of next year and into 202a. if accurate, it would be the longest downturn for the uk economy since the financial criss in 2008. inflation is predicted to hit more than 13%, driven by the sharp rise in energy bills. and in an effort to rein in soaring prices, the bank has raised interest rates by the most in 27 years, piling more pressure on households. 0ur economics editor faisal islam reports. as the essentials, from fuel to food, continue to surge in price, with little sign of an end, hitting every household in the country, eventually the entire economy too will actually begin to shrink, a recession now predicted for britain. at the bank of england the governor presented the grim news with troubling charts, almost all heading in the wrong direction. gdp growth in the uk has slowed and the economy is
the value of the pound to stop the value of the pound to stop the effect of imported inflation adding to the inflationary pressures already inflationary pressures already in the economy. so, ultimately, there are no good options. the bank of england can either not raising interest rates and see the bank value of the pound decline or the central bank can raise interest rates in an attempt to try and mitigate, take the edge of that effect. i see. thank you for the explanation. and one other key point that i think people will look at, and i know the bank of england is independent and has its own reason to tackle inflation but it seems to many households lack the authorities are pulling in opposite directions. the bank is raising interest rates. it puts financial pressure on households, makes their borrowing more expensive. doesn t that just negates borrowing more expensive. doesn t thatjust negates the effect of the support the government is giving to households in the form of that £400
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