> UK inflation could hit 22 per cent next year if soaring gas prices fail to come down, US investment bank Goldman Sachs has warned.
…
> Goldman Sachs said it expected a recession to begin in the fourth quarter, with the economy set to contract by 0.6 per cent in 2023 as a whole.
>
> The Bank of England looks set to raise interest rates by 50 basis points to 2.25 per cent next month…
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It’ll be interesting to see where the ‘replacement’ PM will take us.
it could hit 10000000000000% too
Together with this year’s inflation, that would account to 35% or more inflation over 2 years. Lower and middle classes are getting wrecked.
Welcome to the club!
Sure its possible, unlikely but possible. Comparing back to the oil recessions of the 70s which share some similarities to the current crisis, UK inflation reached 25%. But there were so many additional factors which drove that inflation which aren’t around today. Though, central Bank hesitancy to raise rates could very well contribute to even greater inflation.
That’s not to say everything is fine, inflation is still likely going to reach 13-15%, winters coming and gas/energy price are ridiculous, and the government is at a standstill while we wait for either dumb or dumber to get into power. We really need some serious policy or people are going to suffer.
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> UK inflation could hit 22 per cent next year if soaring gas prices fail to come down, US investment bank Goldman Sachs has warned.
…
> Goldman Sachs said it expected a recession to begin in the fourth quarter, with the economy set to contract by 0.6 per cent in 2023 as a whole.
>
> The Bank of England looks set to raise interest rates by 50 basis points to 2.25 per cent next month…
—
It’ll be interesting to see where the ‘replacement’ PM will take us.
it could hit 10000000000000% too
Together with this year’s inflation, that would account to 35% or more inflation over 2 years. Lower and middle classes are getting wrecked.
Welcome to the club!
Sure its possible, unlikely but possible. Comparing back to the oil recessions of the 70s which share some similarities to the current crisis, UK inflation reached 25%. But there were so many additional factors which drove that inflation which aren’t around today. Though, central Bank hesitancy to raise rates could very well contribute to even greater inflation.
That’s not to say everything is fine, inflation is still likely going to reach 13-15%, winters coming and gas/energy price are ridiculous, and the government is at a standstill while we wait for either dumb or dumber to get into power. We really need some serious policy or people are going to suffer.