The forecast predicts that the unemployment rate will rise, while household incomes will come down too.
It is a picture of a painful economic period, with the UK performing worse than the US and the Eurozone.
While it will not be the UK's deepest downturn, it will be the longest since records began in the 1920s, the Bank said.
The unemployment rate is currently at its lowest for 50 years, but it is expected to rise to nearly 6.5%.
Who thinks this is, in any way, a good strategy? It’s completely arse about face and, to make matters even worse, the pound slumped and the cost of government borrowing rose in response to the Bank's warnings of a 2 year recession.
So, we’re doing all this to placate the ‘market’ and bring the cost of Governemnt debt down and the markets have said, once again, fuck you we only care about making more and more money and, whatever you do, it won’t make the slightest bit of difference.
Can somebody remind me what this sovereignty thing was all about?