Highlights

Bank of England estimates that gas and electricity bills will eat up an additional 3.5% of household incomes in the period from 2021-2023
Expected recession would be the longest downturn since 2008

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This central bank is warning of a recession

Name: This central bank is warning of a recession
Uploaded: 2022-08-05T09:00:55.000+05:30
Duration: T00M45S
Channel: Editorji News Desk
Description: The Bank of England has warned the UK will fall into recession as it raised interest rates by the most in 27 years. The announcement comes after as the bank forecasts that the war in Ukraine would fuel further inflation and ti...

Inflation is expected to slow to 9.5% in the third quarter of 2023 and drop in line with the 2% target a year later, the central bank forecast

Updated: Sep 02, 2022 10:53

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This central bank is warning of a recession

The Bank of England has warned the UK will fall into recession as it raised interest rates by the most in 27 years.

The announcement comes after as the bank forecasts that the war in Ukraine would fuel further inflation and tip the UK economy into a prolonged recession.

The economy is forecast to shrink in the last three months of this year and keep shrinking until the end of 2023.

Inflation is expected to slow to 9.5% in the third quarter of 2023 and drop in line with the 2% target a year later, the central bank forecast.

The inflation picture has worsened in recent months as Russia cut natural gas shipments to Europe in retaliation for the west's support of Ukraine. That has triggered unprecedented increases in energy prices worldwide.

Frequently Asked Questions

What actions did the Bank of England take in its recent announcement?❯

The Bank of England raised interest rates by the most in 27 years.

What is the Bank of England's forecast regarding the UK's economy?❯

What factor is expected to further fuel inflation?❯

What is the projected inflation rate for the third quarter of 2023?❯

What external event has contributed to the worsening inflation picture?❯

What is the projected inflation rate for 2024?❯

What impact has the war in Ukraine had on the UK economy?❯

When is the UK economy expected to start shrinking?❯

What is the relationship between energy prices and inflation?❯

What is the expected duration of the UK's recession?❯

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