Owning a home is getting more expensive as lenders begin putting up mortgage rates, spooked by stubbornly high inflation figures. (Subscribe: The Bank of England is under even more pressure to raise interest rates again in response, possibly as high as five-and-a-half per cent. ----------------------- Follow us: Facebook - Twitter - TikTok - Instagram - ...(read more)
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The UK economy has been one of the strongest in Europe over the last decade. However, recent economic indicators suggest that the country is preparing for a recession amid rising interest rates. Interest rates in the UK have remained at historic lows since the financial crisis in 2008. However, the Bank of England increased the base rate in August 2018 for the first time in a decade from 0.5% to 0.75%. This move was made to control inflation, which has been above the Bank's target of 2%. While the increase in interest rates is intended to bring down inflation, it has caused concerns that the cost of borrowing will rise, making it harder for individuals and businesses to access finance. The Bank of England has warned that house prices could fall by up to 35% over the next three years if the UK fails to secure a deal with the EU. The UK government has been taking steps to prepare for a potential recession in the country. In the recent budget statement, Chancellor Philip Hammond announced an additional £500 million for Brexit preparations and £1.5 billion for the high street. Additionally, the government will also increase the personal tax allowance and introduce measures to support small businesses. However, not everyone is convinced that the government's efforts are sufficient. Some economists are calling for increased investment in public infrastructure to create jobs and stimulate economic growth. Others suggest that tax cuts, particularly for small and medium-sized businesses, could provide much-needed relief during a period of economic uncertainty. While the UK economy has been resilient in the face of challenges over the last decade, there are concerns that the uncertainty surrounding Brexit, coupled with rising interest rates, could lead to a recession. The government's preparations for a potential economic downturn are commendable, but further measures may be needed to support individuals and businesses during a difficult period. Only time will tell if the UK will be able to weather the storm of a potential recession. https://inflationprotection.org/amid-escalating-interest-rates-uk-readies-for-recession/?feed_id=106618&_unique_id=6485f24b0c2d0 #Inflation #Retirement #GoldIRA #Wealth #Investing #bankofengland #Banking #c4news #Channel4 #channel4news #costofliving #costoflivingcrisis #financial #financialcrisis #foodprices #inflation #inflationimpact #inflationlatest #inflationupdate #interestrates #ukeconomy #ukgdp #winter #worldinflation #RecessionNews #bankofengland #Banking #c4news #Channel4 #channel4news #costofliving #costoflivingcrisis #financial #financialcrisis #foodprices #inflation #inflationimpact #inflationlatest #inflationupdate #interestrates #ukeconomy #ukgdp #winter #worldinflation
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