The UK economy has already entered a "protracted recession”, which is set to last until the end of next year.

Britain's economy looks set to go into recession as data showed it unexpectedly shrank in August.

One in seven private renters in England has experienced an increase in their rents in recent weeks, research from housing charity Shelter has shown.

The BoE on Thursday decided to increase the interest rate by 0.5 percentage points.

A leading US-based investment banking company has warned of a huge recession looming over Britain as a result of surging inflation and worsening cost-of-living crisis that has hit Britons hard in recent months.

The Bank of England (BoE) is set to raise the interest rates by 0.5 percent, the greatest increase in almost 30 years, as it warns the UK will fall into recession by the end of the year.

The British government has admitted its inability to help people overcome the current cost-of-living crisis, saying it has to be prudent with its spending to avoid getting stuck in the inflationary spiral.