Rolling coverage of the latest economic and financial news as households face an average £1,200 hit to take-home pay, one of the steepest falls on record
- Bank of England raises interest rates as it warns of recession and 10% inflation
- Recession: the price Britain will pay to control inflation
- US stocks see worst day this year as Fed rate hike rattles investors
- The fudging is over, as monetary policy committee predicts 10.2% inflation
Good morning, and welcome to our rolling coverage of the business, the world economy and the financial markets.
Pressure is growing on the UK government to do more to protect struggling households from a looming recession, as cost of living crisis hammers the economy.
“We’re seeing this unprecedentedly large shock to real income in this country coming from abroad, it’s a terms of trade shock.
And that is having a negative effect on real income, we think that’s going to feed through to activity during the course of this year in a big way,”
“Not only are ministers shrugging their shoulders at the spiralling cost of living crisis, they’ve made it worse by hitting working people and businesses with 15 Tory tax rises that will further stifle our economic growth.”
