The Bank of England will have to raise interest rates even further if it does not act now to curb inflation, governor Andrew Bailey has warned.
Picture: Bank of EnglandHe told a press conference: "Let me reiterate that our job is to hit the inflation target; under the current circumstances to return inflation to target.
"Real household post-tax income is projected to fall sharply in 2022 and 2023, while consumption growth turns negative."Current chancellor Nadhim Zahawi said: "Along with many other countries the UK is facing global economic challenges and I know that these forecasts will be concerning for many people.
Shadow Chancellor Rachel Reeves said: "This is further proof that the Conservatives have lost control of the economy, with skyrocketing inflation set to continue, while mortgage and borrowing rates continue to rise.
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