As the Bank of England forecasts a five-quarter contraction in the UK economy - starting in Q4 of 2022 Our Economics Editor BenChu_ has Newsnight's Global Tracker to assess how the UK position compares to other countries👇
At present I repay around £1,800 a month but I have worked out that I will conservatively need to pay another £250 a month to keep up with the debts," he said.
"Many took on credit to pay their bills and are falling behind on their payments. This will be much harder to pay off with higher interest rates putting more families in financial peril." Energy bills have already risen sharply this year, squeezing household incomes and leading to slower growth for the UK economy.
The rate of inflation is expected to stay at "very elevated levels" throughout much of next year, the Bank said. It will eventually return to the Bank's 2% target the following year.Announcing the largest rate rise in more than a quarter of a century in an attempt to temper even higher peaks in inflation of an incredible 13% is what the Bank of England actually did today.
The Bank's answer will be that rates are still low by historic standards and they just cannot provide further fuel for these extraordinary but hopefully temporary high inflation rates to last for years.
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