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Then, there is **inflation**. In 2023, the UK, along with many other countries, experienced a significant surge in inflation. This was driven by a combination of factors, including supply chain disruptions, rising energy prices, and increased demand. Inflation erodes the purchasing power of money, making it more expensive for consumers and businesses. To combat inflation, the Bank of wallace loh net worth England raised interest rates, which made borrowing more expensive and put downward pressure on economic activity. While necessary to control inflation, higher interest rates also increased the cost of servicing the government's debt, further straining public finances. The fight against inflation was a key factor in shaping the economic landscape and influencing the trajectory of the UK debt crisis.
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