Five things we learned about the UK economy
and has warned the UK is heading for its longest recession since the 1930s Great Depression.1. UK set for two-year recession
This has been forecast in the UK for some time due to the prices of goods such as food, fuel and energy soaring, which is down to several factors, including the war in Ukraine. Currently, the jobless rate is at 3.5%, its lowest level since 1974, thanks to a jobs boom as the economy started to recover from the pandemic.3. Some mortgages could rise by £3,000 a yearMortgage rates have been rising and those on fixed-rate deals, which make up about 80% of mortgages, will face an increase in repayments when their fix comes to an end.
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