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Cost of living crunch to derail UK economy in bruising day for living standards

A double whammy of bad news laid bare the scale of the blow the cost of living crisis will deal the British economic recovery, with the energy price cap set to spike by 54 per cent and GDP forecasts slashed by the Bank of England.

Cost of living crunch to derail UK economy in bruising day for living standards
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Ratesetters at Threadneedle Street hiked the interest rate to 0.5 per cent in a bid to tame rampant price rises, but warned inflation will now top seven per cent in April. 

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