What causes a recession?
The Bank of England is predicting a recession for the UK economy will begin later in 2022.Its citizens, on average, become slightly richer as the value of the goods and services it produces - itsBut sometimes their value falls, and a recession is usually defined as when this happens for two three-month periods - or quarters - in a row.The last time the UK went into recession wasFor most people, economic growth is good.
A growing economy also gives the government more money in taxes. So it can cut taxes, or spend more on benefits, public services and government workers' wages.The Bank of England thinks so, and suggests it will be a long one. It blames that on very sharp increases in prices, especially for energy, with people's incomes continuing to fall after adjusting for rising prices.
Danmark Seneste Nyt, Danmark Overskrifter
Similar News:Du kan også læse nyheder, der ligner denne, som vi har indsamlet fra andre nyhedskilder.
Chrissy Teigen and John Legend announce they are expecting their third childChrissy Teigen took to Instagram to announce the exciting news that her ands John Legend are expecting their third child together
Læs mere »
BBC News - Newscast, Economic Matters•The biggest interest rates rise in 27 years •Inflation set to hit over 13% •Bank of England's recession warning Hear more on the latest BBCNewscast
Læs mere »
Truss says recession not inevitable, but Sunak says she'll make things worseRishi Sunak warned Liz Truss’s economic plan will damage the UK, if she's elected to be Prime Minister.
Læs mere »
UK hiring slowing down as recession loomsThe recruitment blitz that followed the pandemic is cooling, according to a jobs report.
Læs mere »
Newspaper headlines: The big squeeze and recession on the wayThe gloomy outlook for the UK economy dominates the front pages of Friday's papers.
Læs mere »