Interest rate raised to 1% by Bank of England despite issuing warning of recession

The Bank slashed its forecast for gross domestic product growth next year from 1.25% to -0.25% - the closest it ever tends to come to forecasting a recession.

It said that unemployment would also begin to climb, with the rate rising to 5.5% by the middle of 2025. That level of inflation would be the highest the UK has faced in four decades, since the early 1980s, when Britain was at the tail-end of a long period of stagflation - high inflation and low growth.

The Bank warned that its forecasts are predicated on what traders and investors in the market expect them to do with interest rates - a sharp increase to 3% by the middle of next year. Only a few economists expect that to happen.

So the Bank of England has decided to start robbing the British people as well, ppl are struggling jus now to 1. Feed themselves and their kids. 2. Pay their energy costs. 3. Keep their cars on the road. Yet they think it’s ok to raise the Rate.

Funnily enough that's the same time the Tories came into power

1% is still very very low. More shite reporting

Not exactly high ,

Stop giving the Royal family money for a year or so

Poor people are SCREWED

The Tories- bad for the economy- bad for Britain

This will only effect those who have struggled to buy their own home and private renters. Social tenants will be insulated how is that right when they already receive around a 50% rent discount?

Fellow Boomers sit back and relax 😊

And the pound sinks again

Sucking more money out of the pockets & purses is not a good idea! Just wait until the last quarter of this yr and we will see businesses going bust right left and centre - a ridiculous decision. The rises have been caused by greed - not demand.

Hey, just buy supermarket brand foods.

Bonanza for savers!!

Robbery

see my naked photos

Recession here we come

Is UK a state of the US, seems like they just follow Uncle Sam

Can I have 1% interest paid on the £150 that the government owes me 😂😂😂😂😂

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