Brits to sell nudes for food after Bank of Englands grim interest rate hike

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Brits are looking to "sell nudes for food" after it was announced that the UK will fall into recession this year.

The Bank of England has warned today that interest rates were rising from 1.25% to 1.75%.

It also predicts the economy to shrink for the rest of the year – and keep doing so until the end of 2023.

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This would see a recession lasting five financial quarters, and would make it the biggest financial crisis since the 2008 crash.

The financial chaos was blamed on Russia's invasion of Ukraine, which caused a spike in gas prices.

And Twitter users are also planning on looking for new lines of work to survive.

One user wrote: "Will sell nudes in order to pay for food!"

While another tweeted: "The Bank of England about to raise rates again to curb inflation.

"That should make me think twice about my unnecessary purchases of *checks notes* petrol, food and heating."

The BBC's economics editor, Faisal Islam said that this should act as a "piercing" warning siren.

He explained: "The Bank thinks that energy bills hitting nearly £300 per month on average, treble their level of a year before, will plunge the economy in the final quarter of this year into a recession.

"If global energy costs remain where they are, that recession will then last the whole of next year, with inflation barely below 10% even in a year's time.

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"This is a proper full fat recession now being predicted by the Bank, and at the same time a 42-year high in the rate of inflation. It is a textbook example of the combination of stagnation of the economy and high inflation – stagflation."

The rise in interest rates could see someone on a tracker mortgage forking out around an extra £600 per year on their mortgage payments, on top of increased energy bills and the cost of food and fuel going up.

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