The Bank of England is poised to increase the cost of borrowing for households and businesses at its interest meeting today, as fears mount that the UK economy is about toFinancial markets expect a 0.5 percentage point increase in the central bank’s base rate to 3.5% as the monetary policy committee seeks to combat inflation.
Jeremy Hunt has indicated he will welcome a tough stance on rates by officials at Threadneedle Street after he said bringing down inflation was his main mission. However, anti poverty campaigners, trade unions and opposition MPs are likely to blame the Conservative administration for a triple whammy of rising interest rates, high inflation and a contracting economy that has triggeredIn the runup to today’s decision, Bank of England governor Andrew Bailey has steered financial markets away from predictions of a further sustained series of interest rate rises.
But a study of inflation in the US by Paul Donovan, chief economist at UBS Wealth Management, has shown a large element of price inflation has come from companies seeking to maintain profit margins.
Well releasing covid has worked so well to crush the economy and ensure the rich get richer and the people poorer. This WEF great reset plan is playing out perfectly.