The UK economy is set to be in a recession until at least the end of next year, shrinking by 1.3% in 2023.
is set to be in a recession until at least the end of next year, shrinking by 1.3% in 2023.
The new report raised its predicted rate of inflation to 7% for next year, having previously forecast 5.6% for the year. ‘Households are expected to rein in spending on discretionary items in 2023 in response to the squeeze on income,’ he said.
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