‘UK-specific shocks’ helped drive the country into recession – 14 high-interest reactions

The Bank of England (BoE) has announced the biggest jump in the interest rate since the 80s, from 2.25% to 3% – very bad news for millions of people with certain types of mortgage or in the process of arranging borrowing.

BREAKING: Bank of England raises interest rates by 0.75 percentage points to 3% – the largest single hike in 3 decades.

Will mean increasingly crippling mortgage costs for many. Partly the continued legacy of the disastrous mini-budget.

— Paul Brand (@PaulBrandITV) November 3, 2022

It wasn’t the only bad news coming from the BoE. The UK is already in a recession that could slide into a depression if not handled properly. It’s a good job there’s a strong and stable government.

The really grim news is that the Bank of England expects the UK to be in recession from mid this year all the way through to mid 2024. Dire. And then it expects growth to pick up only to an annualized anaemic rate if 0.75%. Really dire. And like to be made worse by Hunt’s…

— Robert Peston (@Peston) November 3, 2022

The Governor of the Bank of England admitted that, in a problematic global economy, there had been some ‘UK-specific shocks’.

Have the UK specific shocks (post mini budget) have they gone or do after-effects linger on?

Governor: “it is easier to lose confidence, it takes longer to regain it – the UK’s position was affected. It was very apparent the UK’s position, the UK’s standing had been damaged.” pic.twitter.com/gQqzGZFMCc

— Faisal Islam (@faisalislam) November 3, 2022

He didn’t mention the B-word, and we don’t mean ‘budget’, but others did. Here’s how people reacted.

Covid. Ukraine. The mad mini-budget. Austerity. General Tory incompetence and waste. All factors in the current economic mess. But BREXIT is right up there with all of them. Yet the people in power don’t want to say so. Madness. You can’t fix what you won’t admit is broke

— ALASTAIR CAMPBELL (@campbellclaret) November 3, 2022

if only all the experts had warned us that a hard brexit would cause a recession – oops they did, but dave down the pub was told by the grifters who sucked him in, into calling it 'project fear'.

— terry christian (@terrychristian) November 3, 2022

It is an absolute disgrace that the last Labour government has inflicted this on the Conservatives after 12 years in power… https://t.co/QeRwPxrZbZ

— Larry the Cat (@Number10cat) November 3, 2022

So we’re two months into a predicted two year recession, after over a decade of lost wage growth and public spending cuts. And the solution is to cut public spending even more?

— Ash Sarkar (@AyoCaesar) November 3, 2022

High inflation, high interest rates, recession, tax rises, public spending cuts wasn’t on the Brexit vote leave bus was it?

— Ken Clarke (@MrKennethClarke) November 3, 2022

Why is nobody talking about the obvious good news aspect of the Bank of England interest rate increase? Rich people will earn more money on their savings!#interestrates

— Parody Rishi Sunak (@Parody_PM) November 3, 2022