‘It’s going to hit a new group of people – they might have real estate but they won’t have enough income to support themselves or their children’ SteveRobson04 explains the devastating reality if the UK enters another recession ⬇️
backed interest rate hikes being used to calm soaring inflation even if they increased the risk of pushing the UK into recession.
“This is something that makes everybody poorer, that’s what inflation does. That’s why we’ve got to grip it, we’ve got to reduce it and interest rates are a part of that.” Two or more quarters of negative GDP growth is regarded as a recession. It took five years for the UK economy to get back to the same size it was before the 2008 recession.
But many low-wage workers in some of the poorest parts of the UK, including the North and Midlands, fared worse. Following the financial crisis, the Government brought in austerity measures, reducing public spending by billions of pounds every year.As a result, councils closed leisure centres, libraries, museums and youth centres while, with many effectively going bankrupt and more warning they could soon do the same, worsening the cost of living crisis for their residents in the process.
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