Is Britain Headed into a Major Recession?

The video discusses the Bank of England's economic forecast, highlighting a bleak outlook with rising inflation, falling household incomes, and a looming recession. Key issues include energy prices and domestic inflationary pressures. The government has introduced measures like an energy bill support scheme, but more drastic actions may be needed. The video also explores potential changes to the Bank of England's inflation targeting mandate.

What significant economic event did the Bank of England announce?

• A reduction in inflation

• A new economic stimulus package

• A major increase in interest rates

• A decrease in interest rates

What is the main driver of the predicted inflation spike?

• Higher taxes

• Rising energy costs

• Government subsidies

• Increased consumer spending

What is the expected peak inflation rate according to the Bank of England?

• 5%

• 8%

• 10%

• 13%

What was the original purpose of the energy price cap introduced in 2019?

• To stabilize energy prices

• To eliminate energy tariffs

• To cap energy prices

• To increase energy prices

By how much are household fuel bills expected to rise in October?

• 75%

• 50%

• 100%

• 25%

What is the definition of a recession as mentioned in the video?

• A year of negative growth

• A month of negative growth

• Two consecutive quarters of negative growth

• One quarter of negative growth

What measure has the UK government announced to support households with energy bills?

• A £1000 grant

• A £600 tax rebate

• A £200 repayable loan

• A £400 non-repayable discount