Economics
Bailey Warns Against Russia Appeasement as Recession Risk Grows
- BOE Governor say west should accept economic pain of sanctions
- Historic income squeeze will hurt growth, Bailey says
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Governments should be prepared to accept economic hardships as the price for forcing Russia to end its war in Ukraine, according to Bank of England Governor Andrew Bailey.
There should be no appeasement of Russia to avoid the side-effects of the west’s sanctions, Bailey said Thursday, as he delivered his strongest warning yet that the U.K.’s escalating cost of living crisis may tip the nation into recession.