As in 2021, the first few weeks of 2022 will be characterised by uncertainty over covid-19, together with the reality of rising inflation, which may not peak until the spring, squeezing household incomes. Prospects for the year remain relatively good, however, with strong growth by normal standards and low unemployment. But the chancellor will be watching closely for the extent of interest rate hikes by the Bank of England, which will push up the government’s debt interest bill.
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As in 2021, the first few weeks of 2022 will be characterised by uncertainty over covid-19, together with the reality of rising inflation, which may not peak until the spring, squeezing household incomes. Prospects for the year remain relatively good, however, with strong growth by normal standards and low unemployment. But the chancellor will be watching closely for the extent of interest rate hikes by the Bank of England, which will push up the government’s debt interest bill.
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