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The Governor of the Bank of England has warned that Britain faces a “difficult period ahead”, with the cost of living crisis continuing into 2023.
Andrew Bailey’s warning comes as households face rising inflation, higher taxes, and higher energy bills.
In a grim assessment of the year ahead, the Bank of England on Thursday warned people that home pay would be five times lower than it was during the 2008 financial crisis. It will be hit hardest to real income since similar records. It started in 1990.
“We’re going to start getting out of it in 2023, and two years from now, we expect inflation to return to a more stable situation,” Bailey said on Friday on BBC Radio 4’s Today programme.
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