VIDEO
Cost of living crisis to last until 2023, Bank governor warns
Energy bills to rise by £700, Bank of England increases interest rates and Rishi Sunak urges public to adjust to higher prices
Steven Swinford, Political Editor | Emily Gosden, Energy Editor
Friday February 04 2022, 10.50am GMT, The Times
Britain faces a “difficult period ahead,” the governor of the Bank of England has warned, with the cost of living crisis lasting until next year.
Andrew Bailey’s warning comes as households face soaring inflation, tax increases and rising energy bills.
In a bleak assessment of the year ahead, the Bank of England warned on Thursday that take-home pay would fall by five times the amount it did during the financial crisis of 2008. It will be the worst hit to real incomes since comparable records began, in 1990.
https://www.thetimes.co.uk/article/britons-facing-biggest-drop-in-living-standards-ttw2rnnf5?mc_cid=ad1b90475b&mc_eid=0b1369f9f8
