AgenciesThe United Kingdom (UK) economy is under fire and has not been doing so well. In fact, consumer price inflation (CPI) in Britain has jumped over 10 per cent which is the highest since 1982.
The annual CPI rate was recorded at 9.4 per cent in June this year. It rose to 10.1 per cent in July. The last time British CPI touched such was in February, 1982.
It is not a surprise as several Europe countries have been struggling since the pandemic hit the world. A number of countries are seeing increasing inflation. Another reason behind this economic mess is the Russia's invasion of Ukraine.
However, it seems like the United Kingdom is likely to suffer the most. The economic forecasters have a gloomy outlook.
The Bank of England is suffering and has been out of favour lately. The Bank of England has the most shocking and gloomiest forecast among many. There are predictions that the UK's economy will shrink by about 1.5 per cent in 2023.
It came even as the US economy is predicted to grow by over two per cent in 2023 .
The annual CPI rate was recorded at 9.4 per cent in June this year. It rose to 10.1 per cent in July. The last time British CPI touched such was in February, 1982.
It is not a surprise as several Europe countries have been struggling since the pandemic hit the world. A number of countries are seeing increasing inflation. Another reason behind this economic mess is the Russia's invasion of Ukraine.
However, it seems like the United Kingdom is likely to suffer the most. The economic forecasters have a gloomy outlook.
The Bank of England is suffering and has been out of favour lately. The Bank of England has the most shocking and gloomiest forecast among many. There are predictions that the UK's economy will shrink by about 1.5 per cent in 2023.
It came even as the US economy is predicted to grow by over two per cent in 2023 .
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