Britain will plunge into a year-long recession this autumn in which households will be hit by the deepest fall in living standards on record, the Bank of England has warned.
In one of its bleakest ever assessments of UK economic prospects, the Bank’s Monetary Policy Committee (MPC) said inflation will now peak at 13.3 per cent in the final three months of this year as average energy bills treble from £1,200 in 2021 to £3,500 by October.
