Families in the UK could be £1,200 poorer this time next year as fears are growing that a crippling recession will hit the economy within the next 12 months. This would have serious effects on people's bank accounts.
Households may face being £1,200 worse off according to the Office for Budgetary Responsibility. The Birmingham Post reported that they warned: “Many threats remain, with rising inflation potentially tipping the economy into recession, continued uncertainty about our future trading relationship with the EU, a resurgence in Covid cases, a changing global climate and rising interest rates all continuing to hang over the fiscal outlook.”
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