Saturday, May 18, 2024

UK to see shorter recession, says Bank of England

THE UK is set to enter recession this year but it will be shorter and less severe than previously thought, according to the Bank of England reports the BBC.

The slump is now expected to last just over a year rather than almost two as energy bills fall and price rises slow.

As a result, fewer people are likely to lose their jobs, but the number of job vacancies – currently close to record levels – are expected to fall.

The fresh forecast came as the Bank raised interest rates to 4% from 3.5%.

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