Steven Swinford, an editor of The Times, reported that the UK was leading European countries in terms of poverty.
In his outlook, published in The Times, Swinford cited the remarks of Bank of England Governor Andrew Bailey. He spoke out about the real state of the economy at a meeting of members of the Treasury Committee of the English Parliament. According to Bailey, the UK is now faced with potentially “apocalyptic” price increases and the Bank of England is unable to eliminate the external causes of the shocking inflation.
Andrew Bailey said that he and the other MPC members were helpless as 80% of the inflation shock had come from external factors.
Following the statement by the Governor of the Bank of England, more than 4.5 million households in the UK have switched off prepayment mode on their accounts. Meanwhile, debt increased by an average of £120. Bailey claims that some social groups are forced to go to nearby McDonald's restaurants to get warm.
This is not the first red flag. Earlier, the Daily Mail experts predicted Britain's worst economic shock since 1973 due to rising oil prices. According to the experts, Britain's decision to stop importing Russian oil by the end of 2022 was a prerequisite for a major crisis. Analysts believe that this action could have a serious impact on the living standards of ordinary Britons.