The looming recession set to befall the United Kingdom by the winter will last until at least 2024, according to analysts at Goldman Sachs.
The looming recession set to befall the United Kingdom by the winter will last until at least 2024, according to analysts at Goldman Sachs, as economists for the Centre for Brexit Policy call for the next government to drastically reduce the tax burden in order to spur economic growth.
In a stark downgrade of future economic predictions, American multinational investment bank Goldman Sachs said that the British economy will continue to retract throughout all of 2023 after falling into a recession before the end of the year, meaning that the economy will have shrunk for two quarters in a row by that point.
The bank previously predicted that the UK economy would grow by 1.1 per cent next year, however, in a new research note, Goldman Sachs now believes that it will decline by 0.6 per cent throughout the entirety of 2023,“Concerns around cost of living pressures in the UK have continued to intensify on the back of the worsening energy crisis. Real consumption is still likely to decline significantly,” said economist Sven Jari Stehn.
The UK is currently facing 10.1 per cent inflation, the highest level in 40 years. Yet, this will likely climb higher in October, when the Ofgem energy cap will be increased to £3,549 per year, with the Bank of England predicting at least 13 per cent.
The Bank of England has warned that the British economy is heading into a protracted recession as it raised interest rates to fight inflation.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Designers from the UK have built a Martian houseA Martian house was recently introduced in the heart of Bristol, United Kingdom.
Read more »
Pan-American Masters Games choose Cleveland as 1st U.S. competition siteThe multisport event is anticipated to be largest international gathering in the city’s history, the Greater Cleveland Sports Commission said. It will be the first time the PAMG has been held in the United States.
Read more »
‘Nothing’s united’ about US: Osbournes ‘fed up’ with gun violence, moving back to UKMusician Ozzy Osbourne and his TV personality wife, Sharon Osbourne, are moving back to England, citing social and political reasons motivating their decision.
Read more »
Trudeau calls for leaders to take united stance after Freeland confronted in AlbertaPrime Minister Justin Trudeau called for political leaders to take a united stance against threats of violence and intimidation on Sunday, days after his…
Read more »
Iran shuts border to Iraq and halts flights due to deadly violence in BaghdadNEW: Iran shut its land borders to Iraq and suspended flights to the country today over deadly clashes in Baghdad sparked by a key Shiite cleric's announcement that he's quitting politics
Read more »