{"id":72855,"date":"2021-12-01T10:01:18","date_gmt":"2021-12-01T10:01:18","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72855"},"modified":"2021-12-01T10:01:19","modified_gmt":"2021-12-01T10:01:19","slug":"uk-economy-to-return-to-anaemic-growth","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/uk-economy-to-return-to-anaemic-growth\/","title":{"rendered":"UK economy to return to anaemic growth as cost of living crisis spikes Brits"},"content":{"rendered":"\n

A triple threat of a worsening cost of living crisis, higher interest rates and a pulling of government Covid-19 support will throw the UK economy back into an anaemic state, according to new research published today.<\/p>\n\n\n\n

Swelling energy bills and rising costs for basic necessities will cause households on tight budgets to rein in spending, according to predictions made by accountancy firm PwC.<\/p>\n\n\n\n

Weaker spending from low income households will clamp down on the UK\u2019s economic recovery from the Covid-19 crisis.<\/p>\n\n\n\n

The forecast underlines the impact soaring inflation is having on the economy\u2019s capacity for growth.<\/p>\n\n\n\n

The UK economy is heavily reliant on consumer spending to generate output, meaning a reduction in spending from low income households would constrain growth.<\/p>\n\n\n\n

Brits living on tight budgets \u201cwill feel the pinch from a combination of rising inflation, higher interest rates, and fiscal changes\u201d and a looming 1.25 percentage point national insurance hike, cautioned Hoa Duong, economist at PwC.<\/p>\n\n\n\n

To find out more about how we can assist you with your Second Charge Mortgage<\/strong> please click here<\/a><\/em><\/p>\n\n\n\n

PwC\u2019s experts said richer households would be able to shake off the impact of rising prices due to them having greater bandwidth to absorb a higher cost of living.<\/p>\n\n\n\n

A surge in spending \u201cwill likely be concentrated on higher income households\u201d as a result, the firm said.<\/p>\n\n\n\n

Inflation in the UK has taken off in recent months, triggered by a combination of global supply chains breaking down, soaring wholesale energy costs and rising commodity prices.<\/p>\n\n\n\n

The Office for National Statistics estimates prices are 4.2 per cent higher than they were a year ago, the highest rate of inflation in nearly a decade.<\/p>\n\n\n\n

Yet, PwC expects the rate to scale even further and hit its highest level in three decades next spring.<\/p>\n\n\n\n

\u201cThe rise in the energy price cap and the reversal of the VAT cuts for hospitality and tourism create a perfect storm that is set to push headline inflation rates to around five per cent and six per cent,\u201d the firm said.<\/p>\n\n\n\n

The downbeat projections will be a cause for concern for the Bank of England, which has a mandate to keep inflation at two per cent.<\/p>\n\n\n\n

The Old Lady has come under intense scrutiny for keeping interest rates at a record low 0.1 per cent despite expecting inflation to rise to more than double its target.<\/p>\n\n\n\n

Officials on Threadneedle Street will announce their next decision on rates on December 16. Earlier this month, they stunned markets when they left rates unchanged.<\/p>\n\n\n\n

By JACK BARNETT<\/em><\/p>\n\n\n\n

Source: City AM<\/a><\/p>\n\n\n\n

Discover our Second Charge Mortgage Broker<\/strong><\/a> services.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A triple threat of a worsening cost of living crisis, higher interest rates and a pulling of government Covid-19 support will throw the UK economy back into an anaemic state, according to new research published today. 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