Introduction: The research is about Britain’s ongoing crisis and its reasons and the comparison of

economic trends between the UK And my country (Bangladesh) and the relationship between the
UK’s current economic goals and the world economy.

Body:
Some of the reasons why Britain is currently in a crisis are reflected below-
Hyperinflation: the situation is being exacerbated by Britain’s high inflation rate, which is
expected to be 6.9% in 2023. Consumers' buying power is reduced by inflation, which raises the
cost of goods and services and raises the costs of living.
Core inflation remains high: in 2024, core inflation, which excludes commodities like food and
energy, is projected to be 3.2%. This shows that pricing pressures are hitting critical services as
well as volatile goods, making it difficult for people to make ends meet.
Difficult economic policy: The article raises questions about the economy's monetary system and
suggests that to fight inflation, central banks may need to continue their current restrictive
measures. This may put a financial strain on people by having an impact on lending, interest rates,
and general economic stability.
Impact of interest rates: Britain’s efforts to fight inflation by increasing interest rates may strain
the world financial system and have an impact on share and bond prices. This unpredictability
may result in a loss of investor confidence and have a detrimental effect on the economy.
Global economic uncertainty: According to the OECD, the current global economic recovery is
brittle and might have an influence on Britain’s financial stability.
In Bangladesh, the current inflation is above 9 percent which is the highest in the past 12 years.
And it is increasing rapidly every month.
The recent economic trends of the UK has similarity with Bangladesh like increasing food cost
more specifically, the impact of interest rates as Bangladesh has a huge debt from foreign
countries and the installment of those loans have started recently which is impacting the foreign
reserves of the country. Moreover, the remittance flow is decreasing due to uncertainty in the
minds of expatriates. The price of Fuel and energy is increased up to 50 percent which is impacting
the prices of food products and other agricultural products due to costly transportation and
logistics support.
The Current Economic goals of the UK are:
1. Creation of Employment
2. Reducing inflation
3. Improvement of living standards
4. Equitable distribution of wealth and income
5. Financially viable tax structure for citizens of the country.
Conclusion
So, from my perspective, I would like to comment that the UK’s current economic goals are
realistic considering the global economy.
Explanation: After the pandemic, the world is now facing inflation which is gradually turning
towards recession. To get rid of this ongoing economic crisis, many countries including the UK
have taken the above initiatives.
References
Lary Elliott, June 2023