It comes amid warnings that spending cuts and tax hikes under new Prime Minister Rishi Sunak could lead to a deeper and more enduring recession.
The Bank of England is poised to unveil the biggest hike in interest rates for 33 years next week as the central bank continues its efforts to tame inflation.
It will be the eighth consecutive jump in interest rates by the Bank but will represent the biggest increase since 1989. He said on October 15: “As things stand today, my best guess is that inflationary pressures will require a stronger response than we perhaps thought in August.” They added: “Conditioned on market pricing, the UK economy will likely fall into a deeper and more prolonged recession.”
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