Money Week/Alex Rankine/8-10-2022
‘The Bank of England has set off ‘the most piercing of warning sirens’, says Faisal Islam on the BBC. Last week the Bank’s Monetary Policy Committee (MPC) raised interest rates by half a percentage point to 1.75%, ‘the largest interest-rate rise in a quarter of a century’, while forecasting that inflation will peak at 13% later this year. Even more shocking, it is now predicting that the UK is heading for ‘a recession as long as the great financial crisis and as deep as that seen in the early 1990s”’.
USAGOLD note: Time will tell if UK is an anomaly, or leading a collective trudge down a long and dusty road. Thus far. it has been the latter.
