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Bank of Englad reveals UK household incomes fall for fifth year

Bank of Englad reveals UK household incomes fall for fifth year | Countdown to Financial Armageddon | Scoop.it

Disposable incomes of UK households have fallen for the fifth year in a row, research by the Bank of England suggests. The Bank's survey found the amount the average household had to spend each month, after tax, bills and housing costs, fell by £46 over the year.

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Uganda inflation hits 30.5% on 20% base rates

Uganda's consumer price index rose 1.3 percent in October from September, pushing the headline inflation rate to 30.5 percent, the highest level since January 1993, data showed on Monday.

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UK inflation rate rises to 5.2%!

UK inflation rate rises to 5.2%! | Countdown to Financial Armageddon | Scoop.it

The rate of Consumer Prices Index inflation rose to 5.2% in September from 4.5% the month before, official figures show.

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Inflation to rise despite Bank assurances as economists downgrade growth forecasts

Inflation to rise despite Bank assurances as economists downgrade growth forecasts | Countdown to Financial Armageddon | Scoop.it

The official rate of inflation is predicted to rise even higher this week, defying assurances price rises will fall back, while two heavyweight economist groups downgraded UK growth forecasts. City economists say inflation could hit 5 per cent when figures are published Tuesday 18 Oct, putting further pressure on the incomes of cash-squeezed families, savers and pensioners.

 

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Basic Living Costs in Britain at 20-Year High

Basic Living Costs in Britain at 20-Year High | Countdown to Financial Armageddon | Scoop.it

Households are spending more of their post-tax income on essentials than at any time since the height of the 1990s recession when interest rates reached 14pc.

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UK: High inflation could eat £43bn of savings in just a year

UK: High inflation could eat £43bn of savings in just a year | Countdown to Financial Armageddon | Scoop.it

Beleaguered savers will see £43billion wiped off their nest eggs by November 2012 thanks to record low interest rates and soaring inflation.

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U.S. 'misery index' rises to highest since 1983

An unofficial gauge of humanmisery in the United States rose last month to a 28-year highas Americans struggled with rising inflation and highunemployment.  The misery index -- which is simply the sum of the country's inflation and unemployment rates -- rose to 13.0, pushed up by higher price data the government reported on Wednesday.

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China's economic growth slows (a bit)

China's economic growth slows (a bit) | Countdown to Financial Armageddon | Scoop.it

If only Western economies could grow by a fraction of this! China's economic expansion slows during the third quarter of the year as government measures to control inflation hurt growth.

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My nightmare is going back to the 1970s

My nightmare is going back to the 1970s | Countdown to Financial Armageddon | Scoop.it

Writing in The Daily Mail Lord William Rees Mogg, opined, "I am old enough to have taken an adult view of the stock market crash and the ‘stagflation’ of the Seventies. The key year was 1973, when the oil-exporting countries used their monopoly to force up the price of oil."

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Why QE2 will damage pensions by pushing inflation up and interest rates down

Why QE2 will damage pensions by pushing inflation up and interest rates down | Countdown to Financial Armageddon | Scoop.it

The Bank of England's website homepage states "the Bank sets interest rates to keep inflation low to preserve the value of your money". Such sentiments ring hollow as inflation roars ahead. The bank is ignoring the evidence and increasing inflation risks further.

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