Back to the bad old days of the 1990s as recession looms for UK

Back to the bad old days of the 1990s as recession looms for UK

Britain’s hard-pressed households could feel even worse done by this week when official inflation figures show just how fast the cost of living is rising. Economists are forecasting a jump from March’s 7% to 9.1% in April. If the pundits are right, the consumer prices index will be at its highest level since 1990, when the UK was struggling with one of its worst postwar property slumps and a full-blown recession. Not that families need telling – disposable incomes across the country have been hit hard. The price of unleaded petrol may have steadied at between £1.60 and £1.70 in the past month, but energy bills and food prices are soaring across the board. James Knightley and James Smith, economists at ING, said the month-on-month rise would reflect a 54% …
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