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    Prediction

    In March 2022, the annual rate of inflation in the United Kingdom rose to 6.2%, its highest level since 1992. Though the Bank of England's Monitary Policy Committee aims for a target inflation rate of 2%, their Quarterly Monitary Policy Report for May 5 forecasted a 10.2% inflation rate in the fourth quarter of 2022, and an average rate of 8.75% in 2022.

    To fight the rising inflation rate, The Bank of England increased its bank rate to 1%, which will raise mortgage payments for at least two million homeowners. BBC journalist Daniel Thomas wrote that the UK economy is in "a real risk" of a recession in late 2022.

    Categories:
    Economy – EU
    on {{qctrl.question.created_time | dateStr}}