Global EditionASIA 中文雙語Fran?ais
    World
    Home / World / Europe

    Top economist warns nation at risk of rising inflation

    By JULIAN SHEA in London | China Daily Global | Updated: 2021-07-02 09:44
    Share
    Share - WeChat
    The Chief Economist of the Bank of England, Andy Haldane, listens from the audience at an event at the Bank of England in London, April 27, 2018. [Photo/Agencies]

    The Bank of England's chief economist has used his farewell speech to warn that British bankers should devote more attention to the rising cost of living, and has warned that inflation could lead to interest rate rises which would be a nasty shock for consumers.

    Andy Haldane, who has been at the Bank for 32 years, made the comments as he left its Monetary Policy Committee, or MPC, and said that the economy was "surfing as high a wave as any in its history".

    Last week, the MPC voted to keep interest rates steady at the historic low of 0.1 percent, the rate it has been on since March 2020 when it was reduced to help deal with the initial economic impact of the start of the novel coronavirus pandemic.

    Since COVID-19 restrictions began to be lifted, inflation has been going up, and Haldane warned that that by the end of the year, he expected it to be closer to 4 percent than to the Bank's official prediction of 3 percent.

    This, he said, "increases the chances of a high inflation narrative becoming the dominant one, a central expectation rather than a risk.

    "If this risk were to be realized, everyone would lose-central banks with missed mandates needing to execute an economic handbrake turn, businesses and households facing a higher cost of borrowing and living, and governments facing rising debt-servicing costs."

    His remarks come in the aftermath of data from the Office of National Statistics revealing that the British economy's performance at the start of this year was not as good as previously thought.

    GDP, which had been estimated to go down by 1.5 percent in the first three months of the year, in fact shrank by 1.6 percent, household spending was also down and the savings ratio, meaning how much income people are withholding from spending, was at 19.9 percent, a rate second only to the 25.9 percent seen at the start of the first lockdown.

    These figures in turn come on the back of a 9.8 percent slump in the economy during the pandemic-blighted year.

    After Haldane's speech, accountancy firm PricewaterhouseCoopers published an inflation forecast which said it expected the rate to peak at between 2.5 percent and 2.8 percent this year, before a gradual decline in 2022.

    "In general, inflation is likely to follow an upwards trend as the economy continues to reopen," PwC's Hannah Audino told the Guardian newspaper. "It is expected that the Bank of England will continue to prioritise supporting the recovery with low interest rates, over reducing inflation."

    Most Viewed in 24 Hours
    Top
    BACK TO THE TOP
    English
    Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
    License for publishing multimedia online 0108263

    Registration Number: 130349
    FOLLOW US
    亚洲性无码一区二区三区| 无码免费又爽又高潮喷水的视频 | 中文无码精品一区二区三区| 伊人久久精品无码av一区| 亚洲av综合avav中文| 久久无码一区二区三区少妇| 中文字幕乱偷无码AV先锋| 中文字幕无码免费久久| 国产aⅴ无码专区亚洲av| 亚洲av激情无码专区在线播放| 天堂网www中文天堂在线| 亚洲中文字幕无码中文字在线| 国产成人AV无码精品| 秋霞鲁丝片Av无码少妇| 在线观看片免费人成视频无码| 欧美亚洲精品中文字幕乱码免费高清 | 国产午夜无码专区喷水| 天堂网www中文天堂在线| 无码专区中文字幕无码| 中文字幕在线一区二区在线| 久久精品中文无码资源站| 免费无码国产在线观国内自拍中文字幕 | 精品一区二区无码AV| 亚洲Aⅴ无码专区在线观看q| 精品久久久久久无码不卡| 中文字幕一区二区三区5566| 色综合久久综合中文综合网| 中文字幕无码高清晰| 无码精品人妻一区二区三区免费| 国产精品无码不卡一区二区三区| 人妻无码第一区二区三区| 色欲A∨无码蜜臀AV免费播| 午夜无码A级毛片免费视频| 亚洲av永久无码精品漫画| 蜜桃臀AV高潮无码| 亚洲av无码一区二区三区在线播放 | 国产亚洲人成无码网在线观看| 无码AV波多野结衣久久| 色窝窝无码一区二区三区| 无码人妻精品一区二区三区99不卡 | 久久ZYZ资源站无码中文动漫|