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Podcast: Beyond Currency
Episode: 8 September 2022 - Putin, not BoE, driving recession
Description: Bank of England Governor Andrew Bailey, making his quarterly report to MPs yesterday, said that there is nothing that the Central Bank can do to avoid the country slipping into recession in the fourth quarter of this year and not seeing any growth in 2023.
He claimed that it is not the Bank of England’s monetary policy decisions that have created the crisis, but Russian President Vladimir Putin’s invasion of Ukraine which has driven up the price of basic foodstuffs together with his actions over energy supply.
While the UK isn’t dependent on Russian gas to the same extent...