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.

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