Britons need to be kept aware of the cost of leaving the EU, says Swati Dhingra
• ‘The slowdown is here’ – read the Observer business profile
Brexit is contributing to a surge in food prices as the country heads into recession, a senior Bank of England policymaker has warned.
Swati Dhingra – the newest member of the Bank’s monetary policy committee (MPC), which sets interest rates – also used an interview with the Observer to suggest that the coming run of central bank rate rises should peak below 4.5%, which is the level that some City investors are expecting. “The market is probably underestimating what damage that [level of interest rates] might cause to the UK economy,” she said.
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