Re:Bank of England expects UK to fall into longest ever rece...
by origin_path on Friday November 04, 2022 @05:41AM
(#33463961)
Of course the forecasts are terrible, they're terrible everywhere. The attempts to fight COVID and especially lockdowns were a disaster. Things were pretty normal up until they started. This has nothing to do with Brexit.
Re:Bank of England expects UK to fall into longest ever rece...
by kergonath on Friday November 04, 2022 @12:40PM
(#33469602)
Brexit happened in January 2020. As the first lockdown started, the news were that trade was falling from a cliff, which was part of the impetus to deny anything bad was happening, to avoid shutting down the country at an already difficult time.
Things had started to change beforehand as various actors tried to adapt before the shit hit the fan, but yeah, the effects were not being felt that much, on account of the thing not having actually started yet.
Inflation is only part of the problem. The economy is not in a great shape overall. And the forecasts are terrible. If you read a bit more on what the BoE says, you’ll see there is more to it than the sound bites you get from politicians. Also, Labour is lucky not to be in power right now, but they will still have to do the thankless, dirty work when they get their majority. Expect some vocal disappointment in the near future.
For context, whilst the BoE forecasts the longest recession ever in the UK, the ECB adjusted its forecasts for 2022 to 4% and 2023 to 2.7%. The British economy really is not behaving like the EU’s.