Posted on 11/06/2022 3:19:59 PM PST by Mount Athos
The Bank of England has warned the UK is facing its longest recession since records began, as it raised interest rates by the most in 33 years.
It warned the UK would face a "very challenging" two-year slump with unemployment nearly doubling by 2025.
It lifted interest rates to 3% from 2.25%, the biggest jump since 1989.
By raising rates, the Bank is trying to bring down soaring prices as the cost of living rises at the fastest rate in 40 years.
Food and energy prices have jumped, in part because of the Ukraine war, which has left many households facing hardship and started to drag on the economy.
While it will not be the UK's deepest downturn, it will be the longest since records began in the 1920s, the Bank said.
(Excerpt) Read more at bbc.com ...
(Food and energy prices have jumped)
Because IDIOTS and FOOLS are in charge.
See Sri Lanka.
Yes, and Rishi Sunak has just the way to fix it. Raise taxes on the poor Brit chumps while he rolls in wealth.
Brexit 2020…. ……..England doomed. No. Scratch that.
Some idiot 2022… .England doomed. I’ll put my $ on England 🏴
This is easy.
All according to plans.
King Charles to the rescue!
It’s a good thing there aren’t many migrants loving on the dole in England.
(All according to plan)
I could believe it.
Especially with the godless reprobates in charge these days.
Frack, baby, frack.
Keep paying Zelenskyy. Nothing else matters.
These lunatics need World War IV to cover the multiple disasters they’re creating. / shiny side out
Great Britain has huge deposits of coal and crude!
Just use them!
(Great Britain has huge deposits of coal and crude!)
No!! We must listen to St. Greta!!
How dare you!!
Personally, I think the UK should pay more attention to Greta Thunberg while at the same time importing more Muslim invaders.
I kid, of course. The United States is doing pretty much the same thing. The UK has a head start here. But our leaders are even stupider than theirs. So it will be a real race to the bottom.
And Venezuela, Zimbabwe and Romania.
Yes. Multiple clear warning ⚠️⚠️⚠️🚨🚨🚨 signs that the world ignores.
Sure, it always works to bring inflation down by killing demand. Same thing Bidum is trying to do here. Don’t cut spending, don’t even think about it. Just beat folks and jobs down to make them quit buying stuff they actually need. The Brits fired Truss, the only one headed down the right track, so , yeah, they’re headed for trouble. With the tiniest bit of luck we can turn this US garbage truck around next Tuesday?
Increasing domestic energy production may help at the margins, but isn't the central issue facing the post Brexit UK economy.
They also need a drastic slow down of govt. spending and bar the door to immigration, then find a way to grow their stagnant economy while also resolving their border/legal issues with the EU.
Its doubtful whether the current crop of Tory muppets is up to the task.
Easy to see why… the policies causing recession won’t be changed anytime soon.
I think we can only delay the inevitable
BUT with Democrats, it will come MUCH faster and with absolutely NO safety nets anywhere
More windmills and solar panels will certainly correct the problem. And of course sending billions of pound sterling to shithole third world countries for “loss and damages” will assuage the UK of their carbon emissions hegemony.
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