London High British inflation November was weaker than expected. Consumer prices were 10.7 percent higher than in the same month last year, according to the ONS statistics office in London on Wednesday.
In October, the inflation rate was 11.1 percent, the highest level since 1981. Economists polled by Reuters had expected a recession of just 10.9 percent. Although petrol is not very expensive, it is expensive in restaurants, cafes and pubs.
“I know it’s difficult for many people right now, but it’s important to take the tough decisions needed to fight inflation – the number one enemy that makes everyone poorer,” commented Treasury Secretary Jeremy Hunt. Savings Schemes. “If we make the wrong decisions now, the high prices will continue and the pain will continue for millions.”
Great Britain is going through tough economic times due to high inflation and an energy crisis. CBI Director General Tony Tanger said, “If nothing is done, we will see a lost decade of growth. The Organization for Economic Co-operation and Development (OECD) expects the UK to underperform other European economies in 2023.
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The Bank of England (BoE), which is set to raise interest rates for the ninth time in a row, also expects a longer recession. It may raise its key interest rate again this Thursday. Many experts consider 3.00 to 3.50 percent a step. It is to fight inflation. However, this could put further pressure on the economy as investments and borrowing for consumption become more expensive.
Further: “Britain Works No More” – A Journey Through an Exhausted Kingdom
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