The UK Could Enter its Worst Recession Ever
The United Kingdom is facing the prospect of its worst recession ever. With businesses & consumers cutting back on spending, layoffs and job losses are soaring.
The Bank of England (BOE), which hiked interest rates by the most in 33 years yesterday to slow down soaring inflation, is facing criticism from businesses and workers who say the move will cause job losses and further economic hardship.
The BOE raised rates in an effort to bring down inflation.
Businesses say the higher costs will force them to lay off workers or cut back on investment, while workers worry that wage growth will fail to keep up with inflation.
BOE head Andrew Bailey warned that UK households faced a “tough road ahead,” with unemployment doubling by 2025.
The American counterpart Jerome Powell, said failing to take bold action now would result in worse outcomes later on.
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