UK Economic Meltdown 2022

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This week has seen the Bank of England expanding their rescue efforts in the hope of stopping fire sales but then also announced yesterday that these measures will only run to the end of the week. Higher interest rates have been hitting the UK housing market and this means, unusually for the UK, that repaying the current 6% 5-year fixed mortgage rate will actually work out more expensive than paying rent. The UK’s unemployment rate has fallen to its lowest since 1974 which might sound like positive news, but low unemployment also fuels inflation.