UK Economy Not Looking Too Rosy According to Bank of England Policy Maker

Michael Saunders spoke about the economy Credit: Bank of England

MICHAEL SAUNDERS a member of the Bank of England Monetary Policy Committee has issued a frank statement about the UK economy and his expectations for the coming years.

In simple terms, there is likely to be a huge increase in unemployment, a drop in the amount of money collected through taxation and a reduction in the amount spent by consumers.

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With almost zero inflation and reduced bank lending foreseen, the Bank of England will almost certainly need to increase the volume of cash it pumps into the economy as it also tries to cope with Brexit.


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