Rishi Sunak is under mounting pressure from cabinet colleagues to implement radical tax cuts after the Bank of England warned that the economy could tip into recession next year.
The Bank raised interest rates yesterday by 0.25 percentage points to 1 per cent, the highest level in 13 years, in an attempt to control price rises. It forecast that inflation, which rose to 7 per cent in March, would hit a 40-year high of 10.25 per cent this autumn and that the economy would shrink next year.
Households will face one of the most significant reductions to take-home pay since records began in 1964, with average relative income falling by £1,200 this year because of rising inflation.
The announcement, on the day that voters went
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2022-05-05 22:00:00Z
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