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Quick takeaways
- The Bank of England is struggling to control high inflation in the UK due to wage demands not keeping up with inflation and supply-side issues with high energy prices and disruptions to global supply chains.
- The rising interest rates to control inflation will negatively impact homeowners with mortgages, leading to financial strain and reduced spending on non-essential items, affecting the economy's demand.
Deep dives
Interest rates and inflation
The podcast explores how interest rates are raised to control inflation. By increasing interest rates, people borrow less money, leading to less money in circulation and a slowdown in the economy. The Bank of England believes persistently high inflation in the UK is due to wage demands not keeping up with inflation, leading to a wage-price spiral where companies raise prices to cover higher wages.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode