Posted on 08/04/2022 8:00:26 AM PDT by Oldeconomybuyer
The UK economy will be plunged into recession for more than a year this autumn as rising energy prices push inflation above 13%, the Bank of England has warned.
In a bleak outlook for consumers and business, the bank forecast five quarters of economic contraction and a 5% fall in real-terms living standards, and increased interest rates by 0.5 percentage points, the largest single rise in 27 years.
The bank's baseline forecast is for GDP to fall by 1.25% in 2023 and 0.25% in 2024, the first instance of two years of annual economic contraction since the 1960s.
(Excerpt) Read more at news.sky.com ...
Wonder why they didn’t just re-define the problem away like we do?
The UK were well out of The Depression long before WWII while we were still wallowing in it.
How? They made adn executed hard decisions early. They cut spending for one thing.
Then they went total socialist after WWII, which is why Churchill came back to power.
> Wonder why they didn’t just re-define the problem away like we do? <
Great question. The Bank of England is forecasting five quarters of economic contraction. So just define a recession as six quarters of economic contraction.
It funny how such an advanced country cannot come up with such a simple solution.
bank of england better watch out or they’ll be banned by facebook for “misinformation” ...
Or label it a ‘technical’ recession.
One of our luckiest breaks was releasing government controls on the economy right after WW2. There was a big push to maintain wartime economic controls after the war ended because they “worked so well”. England still had rationing well into the 1950s
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