London-Sana
Britain is heading for a deep economic crisis, with the recession hitting record numbers, the Guardian newspaper said.
The British newspaper pointed out in a report published today that the country faces a bleak outlook and is heading into a recession during the winter and will continue for more than a year, with inflation rising to more than 13 percent.
The newspaper quoted the Bank of England as saying that the unemployment rate will rise and British households will face historical pressures on living standards after the sharp jump in gas prices.
The bank warned, as the newspaper reported, that Britain would fall into recession with the largest rate hike in 27 years, with expectations of the economy shrinking in the last quarter of the year and continuing until the end of 2023.
Bank Governor Andrew Paley said he knew the cost of living pressure was difficult, but if the interest rate was not raised, things would only get worse.