UK to see shorter recession, says Bank of England
Business / Thu 2nd Feb 2023 pm28 03:43pm
THE UK is set to enter recession this year but it will be shorter and less severe than previously thought, according to the Bank of England reports the BBC.
The slump is now expected to last just over a year rather than almost two as energy bills fall and price rises slow.
As a result, fewer people are likely to lose their jobs, but the number of job vacancies – currently close to record levels – are expected to fall.
The fresh forecast came as the Bank raised interest rates to 4% from 3.5%.
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What a shock,the Conservative appointed governor of the bank of England comes out with a statement that the recession won’t be as bad as first predicted.It’s no wonder we’re in the mess we’re in at the moment when people come out with statements that totally contradict what every other financial body including the International Monetary Fund are predicting about our economy.How much longer can Andrew Bailey and this government keep blaming the long term effects of Covid rather than governmental mismanagement of the economy?
If the previous Governor of the Bank of England Mark Carney had said this, I might be inclined to believe it.
Amazing how news that we are going into recession is perceived as good news
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