According to a monthly survey, British businesses do not expect any growth over the next three months as the rising cost of living stifles consumer demand. Read more [A $8.4 Billion Aid Package to Tackle Inflation in France].
The Confederation of British Industry (CBI) said that members posted above-average results for the three months to July – which fared slightly better than the three months to June – but the CBI expects that growth to fade in the coming months.
The Bank of England is expected to announce the largest interest rate increase since 1995 next Thursday, as it is preparing to raise rates from 1.25% to 1.75% in order to tackle inflation that reached a 40-year high of 9.4%. To read more [USE CRYPTO – The Inflation is At The Highest Since 1981].
However, the Bank of England warned that the British economy will likely suffer a contraction later this year, as consumers face a 40% increase in energy tariffs in October, and the Bank believes that the economy will shrink slightly during the next year.
The US economy contracted in both the first and second quarters of this year, achieving one of the most common meanings of recession, and the International Monetary Fund predicted last week that Britain will witness the slowest growth among the major economies except Russia next year.
The Confederation of British Industry (CBI) stated that the monthly production budget, based on manufacturing, services and retail companies, grew to +8 during the three months ending in July, after it was at +5 during the three months ending in June, and it is worth noting that the July budget is expected for the three months Coming 0, compared to about -3 in June. Read more [Walmart’s Aspirations Retreat Amid Rising Inflation Fears].