UK inflation has reached the highest level since 1992

Percent

8

6

4

2

0

-2

1992

1997

2002

2007

2012

2017

2022

1. Black Wednesday, the UK government is forced to withdraw the pound from the European exchange rate mechanism

2. Gordon Brown hands independence to the Bank of England for setting interest rates to manage inflation

3. 2008 financial crisis

4. Brexit vote triggers a sharp fall in the pound, leading inflation to rise as imports become more expensive

5. Covid-19 causes the worst economic crisis since the Great Depression

Percent

8

Covid-19 causes the worst economic crisis since the Great Depression

2008

financial crisis

Black Wednesday, the UK government is forced to withdraw the pound from the European exchange rate mechanism

6

4

2

Brexit vote triggers a sharp fall in the pound, leading inflation to rise as imports become more expensive

Gordon Brown hands independence to the Bank of England for setting interest rates to manage inflation

0

-2

1992

1997

2002

2007

2012

2017

2022