UK economy is under fire as inflation crosses 10%, highest since 1982
The United Kingdom is not doing well and fares worse than its neighbours and competitors in the European region. Every country in Europe seems to be struggling due to the after-effects of the pandemic.

The annual CPI rate was recorded at 9.4 per cent in June this year. It rose to 10.1 per cent in July. The last time British CPI touched such was in February, 1982.
It is not a surprise as several Europe countries have been struggling since the pandemic hit the world. A number of countries are seeing increasing inflation. Another reason behind this economic mess is the Russia's invasion of Ukraine.
However, it seems like the United Kingdom is likely to suffer the most. The economic forecasters have a gloomy outlook.
The Bank of England is suffering and has been out of favour lately. The Bank of England has the most shocking and gloomiest forecast among many. There are predictions that the UK's economy will shrink by about 1.5 per cent in 2023.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.