Did the Bank of England make the right call?
It announced the largest interest rate rise in a quarter of a century, in an attempt to temper a peak in inflation of 13%.
If global energy costs remain where they are, that recession will then last the whole of next year, with inflation barely below 10% even in a year's time. It is a textbook example of the combination of stagnation of the economy and high inflation - stagflation. Mortgage costs are now soaring. Markets expect further rises in the base rate - taking it up to 3% - even during this predicted recession.
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