The Bank of England has admitted that its inflation predictions were widely off, as the UK is bracing for 11 percent inflation.
While central banks and politicians, most notably U.S. President Joe Biden, have been keen to highlight Moscow’s role in the global economic crisis, the UK Parliament heard this week that the current economic woes are mostly the result of the decision by world leaders to impose lockdowns on their citizenries.
“Many of our current problems could have been avoided had the government carried out an effective cost-benefit analysis of lockdowns and other restrictions,” he said. In addition to the upgraded inflation forecast, the Bank of England also announced that it would be increasing interest rates again to 1.25 per cent. According toby the end of the year, which would be the highest level since the 2008 financial crisis.
Despite the spiralling cost of living crisis and pressure from Conservative MPs, the Tory government hinted on Thursday that tax cuts would not be in the offing anytime soon, even though they have reached the highest level in 70 years.: “I have a responsibility to make sure that we don’t burden our children with a legacy of debt that I didn’t deal with. And that’s why I’ve had to take some decisions which I know are not always popular.
“They’re difficult but I firmly believe they are the right and responsible decisions for the long-term benefit of our country and our children’s future.”
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