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UK faces bigger and faster recession than other European countries, Bank of England warns

By Emily Atkinson


Andrew Bailey said the UK economy had reached a ‘turning point’

The UK is heading towards a plunging downturn far steep than other major economies, the Bank of England governor has warned.

Speaking at a conference in Sintra, Portugal, Andrew Bailey said Britain’s economy had arrived at a “turning point” in the wake of the Covid-19 pandemic, the soaring cost of living, the war in Ukraine and spiraling inflation.

He told the meeting of central bankers on Wednesday: “The UK economy is probably weakening rather earlier and somewhat more than others. I think that’s been somewhat evident now for a few months.”



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