"The Bank reckons average mortgage repayments are to rise by £80 a month; food price inflation could hit 4.6% by the autumn; and utility bills will jump in July and remain high into the winter."
"Overall inflation is now expected to peak above 3.5% by the end of this year: more than a percentage point higher than the Bank's pre-war forecasts."
"In its worst-case scenario C, in which oil prices hit $130 a barrel and remain there for a prolonged period, inflation peaks above 6%."
"Despite this inflation shock, monetary policymakers have opted not to raise rates yet, with the Bank's hawkish chief economist, Huw Pill, the only dissenter on the nine-member committee."
The Bank of England warns UK households to prepare for rising costs linked to Trumpflation and increased interest rates. Average mortgage repayments are projected to rise by £80 monthly, while food price inflation could reach 4.6% by autumn. Utility bills are expected to remain high into winter. Inflation may peak above 3.5% by year-end, with a worst-case scenario predicting over 6%. Interest rates may need to rise to at least 5.25%, but policymakers are hesitant due to the fragile state of the UK economy.
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]