‘Stagflation’ warnings as Bank of England cuts development forecast and warns of value rises

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UK economic system anticipated to develop by simply 0.75% this yr, in recent blow to Rachel Reeves’s makes an attempt to boost confidence

Rachel Reeves’s plans for development suffered a double blow after the Bank of England halved its forecast for the yr and warned households would face mounting strain from rising costs.

In a downbeat evaluation because it reduce rates of interest for a 3rd time in six months, Threadneedle Street warned folks would face a recent squeeze on residing requirements from rising inflation even because the economic system stalled.

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