UK will fall into recession this year, warns Bank

[Chippy_Tea]

Summary​

1. The Bank of England has raised interest rates again from 1.25% to 1.75% as it battles to curb rising prices
2. The increase is the biggest in 27 years and will increase pressure on households already struggling with the cost of living
3. It makes mortgages and loans more expensive but increases the return on savings
4. Inflation, the rate at which prices grow, is expected to rise even further this year, peaking at 13% in October
5. The UK is expected to fall into recession - which means the economy is shrinking - in the final three months of this year

The Bank of England expects the economy to shrink in the final three months of this year and keep shrinking until the end of 2023, after it raised interest rates from 1.25% to 1.75%.
This would make it the longest downturn since the 2008 financial crisis.
The Bank blamed the slump largely on rising gas prices following Russia's invasion of Ukraine, warning a typical energy bill will hit £3,500 in October.

https://www.bbc.co.uk/news/live/business-62406689

 

[Brianbrewed]

Whomever wins the Conservative Leadership race faces huge challenges.

 

[Chippy_Tea]

Soon be Christmas

 

[Cheshire Cat]

Whomever wins the Conservative Leadership race faces huge challenges.

They have created this crisis due to their mismanagement of the economy. You can’t trust the Tories with the economy.

 

[Robin54]

Luckily for us the Ukraine war and a 2 year pandemic have had ne effect - Phew, that was close

 

[Brianbrewed]

Luckily for us the Ukraine war and a 2 year pandemic have had ne effect - Phew, that was close

It hasn't?

It's had huge effects here in Ireland.
Thankfully we've had a responsible government held to account by an aggressive opposition.

You had Boris, I believe.

 

[Scrattajack]

You had Boris, I believe.

And about to be replaced by another extremist. So responsible government will have to wait.

 

[Benfleet Brewery]

They are all as crap as each other. If I remember rightly, the last time we had a Labour government tax payers had to fork out £500 billion to bail the banks out!

 

[Scrattajack]

If I remember rightly, the last time we had a Labour government tax payers had to fork out £500 billion to bail the banks out!

Hardly Labour's fault.

 

[Brianbrewed]

They are all as crap as each other. If I remember rightly, the last time we had a Labour government tax payers had to fork out £500 billion to bail the banks out!

I think that was a international crisis
Freddie Mac and the other one.

Almost crippled Irelands economy.

 

[Brianbrewed]

And about to be replaced by another extremist. So responsible government will have to wait.

Have ye ever thought about a military dictatorship.
Oliver Cromwell springs to mind

 

[Benfleet Brewery]

Hardly Labour's fault.

Perhaps not, but the banking crisis in 2008 was caused by “rising energy prices on global markets, leading to an increase in the rate of global inflation”. All sound a bit familiar?

 

[Scrattajack]

Have ye ever thought about a military dictatorship.
Oliver Cromwell springs to mind

We're on our way, via a low-tax slave labour economy.

 

[Scrattajack]

Perhaps not, but the banking crisis in 2008 was caused by “rising energy prices on global markets, leading to an increase in the rate of global inflation”. All sound a bit familiar?

The financial crisis of 2008 was caused by the targeting of low-income people by predatory lenders and excessive risk-taking in the US. In essence, it was a failure of capitalism when the bankers refused to bank.

 

[Brianbrewed]

The financial crisis of 2008 was caused by the targeting of low-income people by predatory lenders and excessive risk-taking in the US. In essence, it was a failure of capitalism when the bankers refused to bank.

That was my understanding of it as well.
Very different to the upcoming knightmare.

 

[Scrattajack]

In fact, let's nail this "Labour did it, it happened on their watch" garbage.

Brown saves banks from abyss

Brown also regrets not pushing the government's achievement in averting financial disaster and its failure to imprison the bankers responsible.

The world would be a happier place if he hadn't gifted the propaganda opportunity to desperate Tories.

 

[Benfleet Brewery]

In fact, let's nail this "Labour did it, it happened on their watch" garbage.

Brown saves banks from abyss

Brown also regrets not pushing the government's achievement in averting financial disaster and its failure to imprison the bankers responsible.

The world would be a happier place if he hadn't gifted the propaganda opportunity to desperate Tories.

I’m sure any government could mitigate an “abyss” by chucking £500b of tax payers money at it.

just to say, I’m not a Tory. Just saying I think they are all as bad as each other.

 

[Brianbrewed]

, I’m not a Tory. Just saying I think they are all as bad as each other.

I can never agree with statements like this.
There are politicians in every party (including the Conservatives) who are dedicated and are concerned for the well being of their constituents.

A few bad apples ruin it for everyone.
Unfortunately those bad apples seem to have been in Boris Johnson's cabinets

 

[An Ankoù]

Whomever wins the Conservative Leadership race faces huge challenges.

They're both already hugely challenged even before they get any challenges. May the gods help us.

 

[Scrattajack]

they are all as bad as each other.

No, they're not.

The Tories faced oblivion during New Labour's reign, the current lying and populist rhetoric is a reaction to that. They set out to devalue the rules so that their own foul behaviour didn't seem out of the ordinary and to make people think that all politicians are in it for themselves.

The "they're all as bad as each other" reaction is a cancer on democracy. Note how Conservative MPs railed against Johnson when he adopted right-wing social media attacks against Starmer regarding the Saville smear. He was insulting them too. Also, Tory "equivalency" tried (and thankfully failed) to equate Starmer's one curry and beer work event with Johnson's dozens of regular piss-ups on his own turf.

But if in your world, "they're all the same", then you carry on but remember not to moan when you're ground into the dirt with the rest of us.