Falling living standards in store for nation

The new deputy governor of the Bank of England, Charlie Bean, has warned the nation that it needs to brace itself for a year of hardship, stating that they will have to face falling living standards over the next twelve months. Mr Bean said that soaring inflation levels and rising oil prices were set to cause further financial misery for consumers, and he added that the nation was facing the toughest time since the early 1990s and perhaps even earlier. Inflation levels have now soared to 3.8%, which is nearly double the government target. Read more

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