UK headed for longest recession in century, says Bank of England

The UK could be facing the longest period of recession since reliable records began a century ago, the Bank of England has warned.

The economy could fall into eight consecutive quarters of negative growth if current market expectations prove correct – with growth only coming back in the middle of 2024.

However, it is expected to be a milder recession than in previous times. From its highest to lowest point, GDP is expected to drop 2.9 per cent – a smaller decrease than the 6.3 per cent fall seen in the 2008 financial crisis.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *