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Podcast: Beyond Currency
Episode: 9 November 2022 - Economy to shrink 10%
Description: Latest projections indicate the impending recession may cause an economic contraction as great as 10%.
In its latest forecast, the Bank of England that the economy will shrink over the course of eight quarters beginning with the current period. The projection is based on a forecast that short-term interest rates will reach 5.25%.
The vote at last week’s MPC meeting was 7-2 in favour of a seventy-five-basis point increase. The two who voted against it were Silvana Tenreyro, who voted for a twenty-five-point hike and Swati Dhingra, who voted for fifty points.
The appointment of Dhingra has made the overall position of...