Bank Of England Predicts Lengthy Recession Till End Of 2022 Cites Global Financial Crisis

Bank of England: The UK will be hit by a...

Bank of England: The UK will be hit by a one-year recession by the end of 2022, the longest since the 2008 financial crisis and as deep as the 1990s. A media report said that due to rising gas and fuel prices this winter, the Bank of England has disclosed this in a warning. Britain’s situation worsened after the Bank of England raised interest rates by 0.5 per cent to 1.75 per cent, the single most hike since 1997.

Bank of England hikes interest rates
Yesterday the Bank of England has increased interest rates by 0.50 percent and they have been brought down to 1.75 percent. This is the biggest increase in interest rates in any one go since 1995. Along with this, deep concern has been expressed about the growth projection and the outlook ahead. The bank has said that in dire economic conditions, real household income will decline for two consecutive years, the first time since records began in the 1960s.

Russia’s action responsible – Bank of England
Prices of food, fuel, gas and many other commodities are rising after the pandemic and the war in Ukraine. Governor Andrew Bailey has blamed “Russian actions” for the economic crisis and “energy shocks”. According to the report of Daily Mail, after the arrival of these news, there may be increased concern among the general public. Energy prices will push the economy into a five-quarter recession – gross domestic product (GDP) will shrink each quarter in 2023 and fall by 2.1 percent. “Growth thereafter is very weak by historical standards, predicting that there will be zero or little growth by 2025,” the bank said on Thursday.

Announcement of the decisions of the Monetary Policy Committee in India today
In India too, today the central bank of the country will announce the decisions of the Reserve Bank of India Monetary Policy Committee and it is expected to increase the policy rates by 0.40-050 percent. In the era of globalization, the decisions of the world’s big economy are taken care of in each other’s countries and India will also have to take care of the crisis coming on the UK economy.

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