Chancellor Jeremy Hunt achieves one hundred days in office with some optimistic news on the economy.
According to Bank of England Governor Andrew Bailey, as energy prices decline, inflation is projected to decline quickly this year.
In an interview with Media Wales, Mr. Bailey suggested that a recent decrease in inflation would indicate "a corner has been turned."
According to him, the Bank was not attempting to alter market predictions that interest rates will reach their top at 4.5%.
A UK recession was still likely as a result of the epidemic and the rising cost of living, he argued.
As economies recover from the Covidian crisis and Russia's war in Ukraine drives up oil and gas prices, rising energy costs have become a significant factor in inflation, or how quickly prices grow.
However, recent weeks have seen a decline in wholesale energy prices, while actual energy costs have exceeded expectations.
According to Mr. Bailey, this has increased the Bank's confidence that inflation may be on a "easier path."
Financial Expert Kevin Mountford, Co-Founder of Raisin UK joins us for his analysis of the current economic situation
According to Bank of England Governor Andrew Bailey, as energy prices decline, inflation is projected to decline quickly this year.
In an interview with Media Wales, Mr. Bailey suggested that a recent decrease in inflation would indicate "a corner has been turned."
According to him, the Bank was not attempting to alter market predictions that interest rates will reach their top at 4.5%.
A UK recession was still likely as a result of the epidemic and the rising cost of living, he argued.
As economies recover from the Covidian crisis and Russia's war in Ukraine drives up oil and gas prices, rising energy costs have become a significant factor in inflation, or how quickly prices grow.
However, recent weeks have seen a decline in wholesale energy prices, while actual energy costs have exceeded expectations.
According to Mr. Bailey, this has increased the Bank's confidence that inflation may be on a "easier path."
Financial Expert Kevin Mountford, Co-Founder of Raisin UK joins us for his analysis of the current economic situation
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