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Britain might be in a wage-price spiral

3 August 2023

11:10 PM

3 August 2023

11:10 PM

The Bank of England has raised the base rate yet again, this time to 5.25 per cent, a high not seen since April 2008. Like a child trapped in the back seat of a sweltering car, the response of many people will be: ‘Are we nearly there?’

Many people seem to think so – that perhaps there will be one or two rises to come before rates peak and perhaps even start to fall modestly next year.

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