The former Chief Economist of the Bank of England (BoE), andy haldanewarned on Monday in an interview on LBC that inflation could go even beyond the projected 10% and could persist for years.
Additional comments
“Things have exceeded my worst expectations“.
“I think it’s certainly going to last all year, and into next year or even the year after that.”
“If we had, we probably wouldn’t be talking about rate hikes as big or as fast as we are now.”
“We have a whole generation of mortgage holders who have barely seen interest rates rise. It will be a massive shock to the systemnot only from a financial point of view, but also psychologically”.
His comments come as British business calls for an immediate emergency budget to deal with rising costs, including the reversal of the recent rise in Social Security.
Source: Fx Street
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