UK economy will enter recession until next summer, financial experts warn

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UK economy will enter recession until next summer, financial experts warn
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High energy prices, surging inflation, rising interest rates and global economic weakness are contributors.

An economy enters a technical recession when its GDP falls for two or more consecutive quarters.

Hywel Ball, EY’s UK chair, said: “There’s no doubt the UK economy faces a difficult period ahead, with global headwinds adding to domestic pressures. “Businesses will need to think very carefully about their resilience and plan for different scenarios, while also being mindful of the support they provide to their customers and employees.”The energy support package is also expected to tame inflation which could peak at just below 11% in October, lower than the 15% that it could have hit without an intervention.

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