Concerns about inflation and slowing economic growth have triggered a sharp sell-off in financial markets.UK's economy unexpectedly shrank by 0.3%The domestically-focused mid-cap index was down 2.6%, while the FTSE 100, which is made up of the UK's biggest listed companies, fell 1.5%.The pound sank against the US dollar to $1.21 - its lowest point since May 2020.The Bank of England is expected to raise interest rates on Thursday by 0.25% to 1.
The picture was even worse in the US, where the S&P 500 fell into bear-market territory, having sunk more than 20% below its record set early this year.
Unexpectedly?
So, a surprise...? FFS food bank queues, fuel prices, food prices, farms struggling, brexit biting, wage reversal...not an econmist...but do have eyes, ears,and don't read Daily Mail Express Boris propaganda sheets.