Bank of England predicts cost-of-living 'hardship'

Rising inflation will see household disposable income fall by 1.75 per cent this year in the second largest contraction on record, according to the Governor of the Bank of England. Andrew Bailey said: "I recognise the hardship this will cause for many people living in the UK, particularly those on the lowest incomes … who are hit hardest by increases in the prices of basic necessities.".

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