British Central Bank Warned of “Apocalyptic” Price Rises and a “Shocking Drop in British Incomes”
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British Central Bank warned of “apocalyptic” price rises and a “shocking drop in British incomes”
▪️British Central Bank Governor Andrew Bailey, speaking in Parliament, warned that Britons will have a “severe income shock” this year as prices rise at a record pace
▪️The head of Britain’s central bank called the future rise in food prices “apocalyptic” and warned of further sharp increases in energy prices, which will now come at the expense of reduced supplies of gas and refined products such as diesel fuel
▪️Millions of Britons will become poorer in real terms and rising inflation will hit household spending, leading to rising unemployment, Andrew Bailey stressed
▪️ Asked by MPs what the British Central Bank could do to reduce inflation, the head of the British Central Bank said he felt “helpless” to deal with inflation, which has external and nonmonetary causes.