The head of major supermarket Tesco has warned that people in the UK are facing “real food poverty for the first time in a generation.”
While it appears unlikely that the government will pull back on any planned tax hikes at this stage, it is clear that those in Britain could definitely do with more cash in their current accounts, with the Bank of England warning that inflation could hit 10 per cent this year.
CNBC that the UK economy is in an extremely vulnerable position as a result of the massive inflation, comparing the current situation to that facing the US Federal Reserve shortly before the 2008 crash.
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