tldr; UK’s National Institute of Economic and Social Research (NIESR) has predicted that inflation will soar to “astronomical” levels over the next year, forcing the Bank of England to raise interest rates higher and for longer than previously expected. NIESR also forecast a long recession that would last into next year and hit millions of the most vulnerable households, especially in the worst-off parts of the country. The number of households with no savings was set to double to 5.3 million by 2024.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
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