Warning of Recession and Job Cuts in Britain if Rates Soar to 6%

Economists are warning that the UK economy faces a sharp recession and a flood of job losses if interest rates hit the 6% level financial markets believe is on the cards.

Household budgets are under increasing strain again as mortgage costs spike, while rocketing corporate insolvencies suggest firms, particularly the smaller ones that account for the bulk of employment, are struggling to cope with higher borrowing costs.

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