UK is moving for protracted recession as inflation soared above 13 percent, resulting in a severe contraction on standard of living for more over 60 years Bank of England warned.
In sharp set of forecasts for in the economy, the bank said households would be hit record two years of drop in income because global gas crisis pushed up energy bills.
The bank raised its main interest rate from 1.25 percent to 1.75 percent, the biggest one-time increase since 1995 as it tried to take control on inflation spiral.
households real income that is a value of payment after setup for inflation will be drop 1.5 percent is year and 2.25% next year the biggest drop from records
