Four charts that show Britain’s impending economic disaster Business

However, the impending downturn will put an end to that. The Bank’s latest forecast includes a warning that unemployment is likely to hit 8% by 2025, the worst level since the end of the banking crisis. Even if this worst-case scenario is avoided, the Bank’s baseline forecast is for unemployment to rise from 3.9% to 5.5% in three years. That would mean around 450,000 more people out of work.

Interest rate

The Monetary Policy Committee (MPC) raised the discount rate – the benchmark cost of borrowing – to 1%, its highest since 2009.

It is the fourth straight time the committee has raised rates and will put further pressure on homeowners with follow-on mortgages, while further raising barriers for first-time buyers who are already facing record prices.