UK inflation will soar to ‘astronomical’ levels over next year, thinktank warns

The rise will force the Bank of England to hike interest rates higher and for longer than previously expected, says NIESR

Inflation will soar to astronomical" levels over the next year forcing the Bank of England to raise interest rates higher and for longer than previously expected, according to a leading thinktank.

The National Institute of Economic and Social Research also forecast a long recession that would last into next year and hit millions of the most vulnerable households, especially in the worst-off parts of the country.