The risk of a recession has risen, ONS has warned, after the economy shrank during March 2022 just as the UK had started the recovery from the pandemic. Higher prices are "beginning to bite", with consumers spending less and cutting down on car journeys due to high fuel costs.
As previously reported, the cost-of-living crisis has forced a significant response from the Chancellor on 26 May 2022, with further financial support for low-income households. Regulators are taking decisive action around firms being more pro-active with social tariff schemes and tailored forbearance.
Bank of England (BoE) – Money & Credit – April 2022
Net borrowing of mortgage debt by individuals decreased to £4.1 billion in April, down from £6.4 billion in March. Mortgage approvals for house purchases also decreased to 66,000 in April from 69,500 in March. Both measures are slightly below their 12-month pre-pandemic averages up to February 2020.Consumers borrowed ...
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