By David Milliken LONDON (Reuters) - The Bank of England will not succeed in returning inflation to its 2% target before 2028 at the earliest, accordi.
The UK economy is suffering from a 1970s-style “British disease” that means inflation will not fall back to the Bank of England’s 2 per cent target until after
"Inflation, political churn, a global economy slowdown, oil shocks, strikes - there are a lot of nouns there that are resonant with the 1970s," NIESR director Jagjit Chadha said. "And there s the re-emergence of the British disease ," he added, referring to stagnant growth at a time of rising prices. British economic output is not on track to return to its pre-pandemic peak until late 2024, representing zero growth over a five-year period, NIESR predicted.