The UK is on the verge of another recession and everyone is saying the same thing

The UK is teetering on the edge of another recession after the Bank of England raised interest rates to their highest level in 13 years.

It comes as the central bank took measures to try and tackle the cost of living crisis in the UK, raising rates from 0.75 per cent to 1 per cent on Thursday.

It’s the highest level it’s been at since the impact of the financial crisis in 2009, and the report also came with a stern warning about the short-term future of the economy.

The UK is being hit with rampant inflation of more than 10 per cent as a result of rising energy costs, and it’s only going to get worse before it gets better.

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While the Bank of England is not predicting two consecutive quarters of negative growth, therefore not technically a recession, it is predicting that next year will very much feel like a recession.

People have taken to social media in their droves to comment on the breaking story, with people understandably worried about the future – and many were asking how the impact of Brexit hasn't been discussed more in connection with the new developments.

Speaking about the new developments, Suren Thiru from the British Chambers of Commerce said: “The decision to raise interest rates will cause considerable alarm among households and businesses given the rapidly deteriorating economic outlook and mounting cost pressures many are facing.

“The Bank of England faces an unenviable trade-off between soaring inflation and a wilting economy. However, higher interest rates will do little to address the global headwinds and supply constraints driving this inflationary surge.

“It also raises the risk of recession by damaging confidence and intensifying the financial squeeze on businesses and consumers.”

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