Bank of England warns that economic outlook has ‘deteriorated materially’

UK households likely to face more inflationary pressures arising from Ukraine war, says central bank

The outlook for the UK and global economy has deteriorated materially" due to inflationary pressures largely stoked by Russia's invasion of Ukraine, putting extra strain on British household and business finances, the Bank of England (BoE) has warned.

The worsening economic outlook has caused volatility in global markets in recent months with more turbulence likely, the Bank said in its quarterly health check on the UK's financial system.