![]() “If you compare this to the 1970s, and you compare this year to single years in the 1970s, and also government policies comes into play there in terms of energy markets. In a gloomy warning, governor Bailey said the turmoil hitting the UK is worse in economic terms than what hit in the 1970s, due to the Ukraine war and supply chain disruption following the pandemic. ![]() Tenreyro, who only wanted a 25-basis point rise, pointed out that monetary policy had already been restrictive in light of falling real incomes, with the economy now likely to be entering recession. ![]() Two of the Bank’s nine rate-setting policymakers, Silvana Tenreyro and Swati Dhingra voted against the hike, favouring smaller increases in borrowing costs, given the UK’s economic plight. In *both* scenarios inflation seen falling below the 2% target in 2025 □ /NiN4uIdrft- Ben Chu November 3, 2022 This projection shows inflation if rates hit 5.17% (blue line) vs rate staying at 3% (red line) ![]() Bank sending a clear signal interest rates don't need to rise as high as markets pricing in. ![]()
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