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.
These are the sunlit uplands that leave voters were promised, oh silly me, of course this is nothing to do with #Brexit..https://twitter.com/EdConwaySky/status/1522169500417904641\u00a0\u2026
After graduating university in 2010, I make this my third recession since I joined the workforce \n\nSimply love to live through history while it unfolds around me in awful wayshttps://twitter.com/EdConwaySky/status/1522169500417904641\u00a0\u2026
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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