The Bank of England has provided a stark and unvarnished assessment of the current economic situation in Britain. In its latest forecast, the Bank outlined the prospect of inflation surpassing 10%, a potential recession, and years of near-zero growth. Even previously stable employment levels are expected to increase. To address this, the Monetary Policy Committee …
The average mortgage debt in the UK currently exceeds £127,000, while the size of new mortgages taken out this year has reached an average of £184,000. Fortunately, the crisis is anticipated to impact a smaller percentage of the population compared to previous financial crunches due to the declining number of UK residents with mortgages. In …
Despite his familiarity with the limelight, Mark Carney, the former governor of the Bank of England, is known to be camera shy. Dressed in his trademark white cutaway collar shirt and grey tie, he refused to pose for photographs outside on a balcony. “I don’t like posed shots. It’s not my thing,” he explained to …
The Governor of the Bank of England, Andrew Bailey, has received backlash for his remarks made at the Treasury select committee this week. He suggested that workers refrain from seeking pay raises, expressed concerns about potential global food price hikes, and admitted to feeling “helpless” in controlling inflation. These comments have been labeled as disconnected, …
As the largest rail strikes in a generation loom, the British economy and its manageability is losing public faith. Predictions of zero or very low growth over the coming years and higher, more persistent inflation in comparison to other developed nations are fueling concerns. In light of the recent industrial action, the government’s unwillingness to …