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02-07-2022, 04:21 PM
https://www.bbc.com/news/business-61997353
Why is the UK economy suffering more than other countries?
The size of the common global economic shocks from the pandemic and from Russia's invasion of Ukraine has been the overwhelming driver of high inflation and slower growth for most European countries.
But in recent days, the Bank of England governor, Andrew Bailey, has warned inflation is set to be higher for longer here in the UK, and growth in the economy weaker too.
These gloomy forecasts echoed those made by the International Monetary Fund and the Organisation for Economic Co-operation and Development, which has 38 member countries.
On Wednesday, Mr Bailey told a European Central Bank forum that "the UK economy is probably weakening rather earlier and somewhat more than others".
He said: "I think that's been somewhat evident now for a few months."
Why is the UK economy suffering more than other countries?
The size of the common global economic shocks from the pandemic and from Russia's invasion of Ukraine has been the overwhelming driver of high inflation and slower growth for most European countries.
But in recent days, the Bank of England governor, Andrew Bailey, has warned inflation is set to be higher for longer here in the UK, and growth in the economy weaker too.
These gloomy forecasts echoed those made by the International Monetary Fund and the Organisation for Economic Co-operation and Development, which has 38 member countries.
On Wednesday, Mr Bailey told a European Central Bank forum that "the UK economy is probably weakening rather earlier and somewhat more than others".
He said: "I think that's been somewhat evident now for a few months."
