Bank of England predicts recession as long as the Great Depression and as deep as the 2008 financial crisis as it raises interest rates 0.5% to 1.75%

  1. **Edit: oh my mistake I copied the text from the BBC article. This is not the ft.xom article linked in the post. See OP's comments below for BBC link. **

  2. And then they turn around and say “we can’t increase wages or it’ll lead to inflation”. Well we’re seeing 13% inflation without wage increases so what the fuck?

  3. Still blaming it on Ukraine, but the fact is, Bank of England printed so much money during covid. Now those people who was buying houses during the covid ‘housing boom’ better have their mortgages fixed for a couple of years, as they will need to buckle up if interest rates keep rising.

  4. I locked in a 5 year fixed last year. When they asked me why I said "I am concerned about increased volatility across economic markets over the next few years."

  5. At least the UK has the power to raise their rates however they like. I'm not holding my breath for EU members - 0% is aggressive for us lol.

  6. Screwed themselves a bit if they stay on variable after the interest rate rises have been talked about for the last 3 quarters. There was a time to stay on variable but that has passed!

  7. There are wayyyy less of these than you’d think. The rates on 30 year fixed has been in the high 2% to high 3% range for years. The main attraction of ARMs is they give you a lower rate for a riskier term. Not super attractive when those rates are equal to 30 years fixed.

  8. Its in an article in the guardian where the boe talk about length of the recession they do say two years to try to control inflation.

  9. I doubt it was planned, their greed is so insatiable they'll squeeze out every drop until they can't. The wealthy don't care if the economy crashes and the poors lose everything. They just see it as a new opportunity to squeeze more money out.

  10. I love how SS has the only vetted DD on the entirety of Reddit. The other investing subs may as well bust out the Ouija board at this point. "Bad news but market up, why?"

  11. Who would have thought that printing £3.2 TRILLION between 2009-2020 would have any effect on inflation and the stability of the economy?!

  12. Heavy tax on the 1% will not change their lifestyle in the slightest yet they get so butthurt about the idea.

  13. “Alexa how long was the Great Depression?” “According to what I found the Great Depression was between 1929 and 1941” spits coffee 🦍 💕 🦍

  14. A recession as long as the great depression? That would literally just make it another great depression. That's the definition of a depression: a recession lasting a very long time

  15. Imagine interest rate at 1.75% and they are fearing recession. Something must seriously be messed up b/c even in normal times the interest usually hovered around 2-4%.

  16. This is the base rate for banks wait until they put there add ons to it then your looking at 4% plus so typical would be 6% to 8% for a good score on credit file if you want a mortgage, loan or in a variable rate mortgage or loans or any finance for that matter 😉

  17. No this isn't true...JB says we aren't in a recession and it's all transitory.....and we all know that he is NEVER wrong and ALWAYS tells the truth because the MSM says so. Can't you see? Gas prices have come down to only 100% higher than when he took office and the stonk market is way up because profits are SOOO high!!!( for tech companies that killed it during shutdowns). What does the bank of England know anyway. They haven't made a move like this since the UK lost the world currency to the move on, nothing to see here JB and his economic crew we trust.

  18. I don't think we'll go into a great depression as long as the banks buy back the shares they created. I think the liquidity will be in the hands of the people and the people will remake the place for the better.

  19. That's the $1 quadrillion question. Presumably the FED has to print us more from my understanding, but at that point the house of cards will have been exposed and probably have crashed, so no one really knows.

  20. Typically it should come from the “off shore” funds that the hedge cucks stole from Americans through out the decades and stored away, off shore. We all know the fed ain’t gonna try to attack them though. So they’re gonna have to print more, causing further economic problems.

  21. Fuck I told them this was going to happen year and a half ago…. March 2021 was when the rich elite money had to start playing money moves that have affected most affluent people I know who DIDNT move their money at the same time as the “big money”

  22. Im in Australia and just got my monthly gas bill $699.10 father's been ill and had the heater on alot but fark me thats only 1 bill for a month

  23. recession or not, retail owns all the stocks now, we are the captains, we are the whale, we can keep markets from crashing as long as nobody sells anything. they need our shares and will do anything to try to get them. dont be fooled. dont be tricked into giving up your shares

  24. It reinforces some of the DD that was done well over a year ago saying this would happen and so gives greater credibility to the other DD that had been produced.

  25. Hmmm cancel sanctions for the sake of your people, or still virtue signal and let your people suffer. Boy this is a hard choice.

  26. It'll get worse because when Scotland does indeed become independent then the £GBP will be trashed and the UK economy contracts a further 10% overnight.

  27. They wont. Basically anyone who bought house in last 10 years would become bankrupt and default on their mortgage. They are trying to balance it.

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