/biz/ - Business & Finance

>The longest recession since 2008 would begin by the end of this year, it added, with the economy contracting for five consecutive quarters to the end of 2023. The extended downturn is expected to push the unemployment rate from 3.8% to 5.5% by 2024, and will feature a 5% fall in living standards next year as wages fail to keep pace with rising prices.
>Shadow chancellor Rachel Reeves said the government had “lost control of the economy, with skyrocketing inflation set to continue, while mortgage and borrowing rates continue to rise”.
>In a quarterly review of the economy, the Bank said the UK would emerge from recession before the next election in 2024. But that by then living standards would have fallen by 5%, the biggest decline since records began in the 1960s, the Bank said.
>Households will have seen their energy bills triple in a year after the price cap on is increased again in October. Ofgem will announce the cap at the end of this month and there has been speculation that it will rise above £3,000 before increasing to £3,600 in January.
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