Bank of England hounded by think-tank over UK interest hikes
<img width="250" height="167" src="https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-Bank-of-England-hounded-by-think-tank-5113571795iStock-1394239178-250×167.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-Bank-of-England-hounded-by-think-tank-5113571795iStock-1394239178-250×167.jpg 250w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-Bank-of-England-hounded-by-think-tank-5113571795iStock-1394239178-700×467.jpg 700w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-Bank-of-England-hounded-by-think-tank-5113571795iStock-1394239178-768×513.jpg 768w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-Bank-of-England-hounded-by-think-tank-5113571795iStock-1394239178-120×80.jpg 120w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-Bank-of-England-hounded-by-think-tank-5113571795iStock-1394239178-245×164.jpg 245w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-Bank-of-England-hounded-by-think-tank-5113571795iStock-1394239178-500×334.jpg 500w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-Bank-of-England-hounded-by-think-tank-5113571795iStock-1394239178.jpg 1254w" sizes="(max-width: 250px) 100vw, 250px" /><p><span data-contrast="auto">The <a href="https://www.leaprate.com/cryptocurrency/regulation-cryptocurrency/bank-of-england-warns-against-crypto-adoption-and-the-possible-effects-on-credit-creation/" target="_blank" rel="noopener">Bank of England</a> (BoE) governor, Andrew Bailey, is due to appear in front of the Treasury Committee to address claims by a think-tank that his economic outlook for 2023 is failing. The Resolution Foundation, an independent British think-tank that aims to bolster low-middle-class income households in the UK, suggested that continued tax hikes for the working class, twinned with increased mortgage rates and rental costs, will ensure Britain remains in a technical recession for the duration of 2023. The Foundation’s claims also noted that there have been little signs of inflation easing. </span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
<p><span data-contrast="auto">Yesterday, the Conservative government delayed a movement to reduce tax prices, furthering the 12-month course of economic stagnation faced by working-class households.</span></p>
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<p><span data-contrast="none">Adam Corlett, at the Resolution Foundation, stated: </span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
<blockquote><p><span data-contrast="none">The good news for the Government is that Britain’s economic outlook is improving as it enters a crucial election year. The bad news is the living standards outlook is still dire, with overall stagnation and further income falls on the way for less well-off households. </span><span data-ccp-props="{"201341983":0,"335559685":720,"335559739":160,"335559740":259}"> </span></p></blockquote>
<p><span data-contrast="none">Corlett also indicated: </span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
<blockquote><p><span data-contrast="none">The worst of the cost of living crisis may be behind us, but except for those with significant savings, it is stagnant living standards rather than boomtime Britain that the immediate future has in store.</span><span data-ccp-props="{"201341983":0,"335559685":720,"335559739":160,"335559740":259}"> </span></p></blockquote>
<p><span data-contrast="none">Earlier this month, the BoE raised the UK’s interest rates for the 14</span><span data-contrast="none">th</span><span data-contrast="none"> consecutive quarter and implied that the pace of the country’s borrowing costs will likely incur further interest hikes in September.</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
<p>The post <a rel="nofollow" href="https://www.leaprate.com/news/bank-of-england-hounded-by-think-tank-over-uk-interest-hikes/">Bank of England hounded by think-tank over UK interest hikes</a> appeared first on <a rel="nofollow" href="https://www.leaprate.com">LeapRate</a>.</p>
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