Economists warn UK could fall into recession if interest rates hit 6%
- Pay rises and warm weather drive surprise rise in Next sales
- Grocery inflation in Great Britain eases to 16.5% but remains high
- UK economy in growth ‘doom loop’ after decades of underinvestment
In the financial markets, Britain’s short-term borrowing costs have nudged up to a 15-year high.
The yield (or interest rate) on UK two-year government bonds rose to 5.088% this morning, a day after hitting 5% for the first time since 2008.
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