scorecardresearchSearing UK Inflation Is Driving the Pound Near a 37-Year Low

Searing UK Inflation Is Driving the Pound Near a 37-Year Low

Updated: 27 Aug 2022, 02:15 PM IST
TL;DR.
With talk about inflation surpassing 18% next year and families across the country likely to be pushed into energy poverty this winter, the UK’s economic woes are getting worse by the day. The consensus among traders is that the Bank of England will have no choice but to force the economy into a severe recession and cause widespread job losses to rein in price pressures.
A shopper puts fruit in her basket in a supermarket in London, Wednesday, Aug. 17, 2022. The UK inflation rate has hit 10.1% in the year to July, new figures from the Office for National Statistics have shown. The figure is up from 9.4% in June and is at its highest level in more than 40 years. (AP Photo/Frank Augstein)

A shopper puts fruit in her basket in a supermarket in London, Wednesday, Aug. 17, 2022. The UK inflation rate has hit 10.1% in the year to July, new figures from the Office for National Statistics have shown. The figure is up from 9.4% in June and is at its highest level in more than 40 years. (AP Photo/Frank Augstein)