ilmscore | Prediction Details
"well by the time 2023 came around sustaining that type of spending in the United Kingdom became even more tough because now you have the cumulative effect of the high inflation which means that now people have to spend even more money to pay for the necessary expenses like groceries and their rent and then on top of that you have the impacts of the higher interest rates now sure there were some months and some seasons where spending was stronger than others but in general you started to see the spending slow down well towards the end of 2023 and into the beginning of 2024 before that pattern did not slow down it got worse and that's where you saw more Banks having to write off these bad loans these bad consumer debts because people weren't able to pay off their debts and that was about the time where it was declared that the United Kingdom is in a recession"
By Minority Mindset | March 1, 2024 | Pending
From video
The Global Economic Slowdown Is Here - What's Happening 00:01:32 - 00:02:12
Interpreted Prediction
UK consumer spending became increasingly difficult throughout 2023 and into early 2024 due to cumulative high inflation and rising interest rates, leading to increased loan write-offs by banks and a declared recession.

Prediction Details

Topic
UK Economy

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