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Sophie Lund-Yates, Lead Equity Analyst at Hargreaves Lansdown:
“Britain is bracing for the longest recession since the 1920s, the Bank of England warned yesterday after announcing the largest interest rate hike in 30 years. Latest predictions are that the incoming big squeeze on real incomes is going to cost the majority of households £800 a year. The poorest 10% of these households are expected to be hit harder, because they spend a higher proportion of their monthly budget on utilities and food, where prices have been accelerating faster than other areas.
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