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How The UK Economy Committed Suicide | Cost of Living Crisis UK

1 Views· 12/17/22
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In Economy

How The UK Economy Committed Suicide | Cost of Living Crisis UK

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In this video we talked about the based on predictions from the Office for Budget Responsibility, Jeremy Hunt declared that the UK is currently experiencing a recession. The watchdog predicts that GDP will rise by 4.2% this year, drop by 1.4% in 2023, then rise by 1.3%, 2.6%, and 2.7% over the following three years.

The report predicts that inflation will be 9.1% this year, 7.4% the following year, and then abruptly decline in the middle of the year after that.
They assert, according to Chancellor Hunt, that starting in the middle of the following year, the inflation rate will fall sharply as a result of their current actions. They conclude that the UK is currently going through a recession, just like other countries.
However, the Bank of England has issued a warning that the UK is experiencing its longest recession since records have been kept and has increased interest rates by the most in 33 years.

It foresaw a "very challenging" two-year downturn for the UK and predicted that by 2025, unemployment would have nearly doubled.

Bank CEO Andrew Bailey stated that UK households face a "tough road ahead," but added that unless strong action is taken now, things "will be worse later on."

It caused the largest increase in interest rates since 1989, from 2.25% to 3%.

The bank is attempting to lower skyrocketing prices as the cost of living increases at the fastest rate in 40 years by raising rates.

The Ukraine war has increased the cost of food and energy, which has put many households in a difficult situation and begun to hurt the economy.

When a nation's economy contracts for two consecutive quarters of three months, it is said to be in a recession.

Usually, businesses make less money, wages decline, and unemployment increases. As a result, the government collects less tax revenue to fund public services like healthcare and education.

The Bank previously predicted that the UK would enter a recession at the end of this year and that it would last through the entirety of the following year.

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