The Bank of England today delivered a dire warning that inflation will top 10 per cent and the economy is set to go into reverse - as it hiked interest rates again.
Governor Andrew Bailey laid out a darkening picture for the UK with CPI inflation now expected to peak at 10 per cent in the last quarter of this year - the highest since 1982.
In a brutal hit on families, GDP is projected to fall at the same time - and will be in the red through 2023 as a whole, declining by 0.25 per cent. The unemployment rate is set to reach 5.5 per cent by 2025.
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