Governor Andrew Bailey of the Bank of England noted, 'The path ahead remains uncertain... we cannot commit to future rate cuts just yet, given the surrounding uncertainties.'
A Bank of England survey revealed, 'There was a common view that the UK was moving from a cost-of-living crisis to a prolonged period of higher costs and lower living standards.'
Analysts warn that 'households and businesses could face further cost pressures into 2025,' complicating the UK's economic recovery.
The Prime Minister recognized that enhancing living standards 'will take some time' and acknowledged that it's 'won't be fixed by Christmas.'
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