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4 Aug 2022

Worst economic prediction for a generation – as UK heads for recession

Scotland Correspondent

Normally you’d expect the biggest single hike in interest rates for 27 years would make the biggest headline.

But the dismal economic forecasts from the Bank of England make equally grim reading.

Rising interest rates will mean mortgage and loan repayments will go up.

That bitter medicine is supposed to treat spiralling inflation.

And there is also the warning that we are about to crash into a recession like that of 2008.