Stern Warning from the Bank of England….

From the UK Telegraph: The BOE is warning families to plan for a lower standard of living.

In a blunt warning issued in a key report, the Bank also said that it is too early to conclude that unemployment has peaked.

It said that although thus far many workers had been willing to accept pay reductions, or reluctantly to work part-time, employees may have failed to realise that the costs of goods and services are likely to rise faster than their wages in coming months.

Stunning realism from the policy makers in the UK.

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