UK headed for longest recession in century, says Financial institution of England

The UK might be dealing with the longest interval of recession since dependable information started a century in the past, the Financial institution of England has warned.

The financial system might fall into eight consecutive quarters of destructive progress if present market expectations show appropriate – with progress solely coming again in the course of 2024.

Nevertheless, it’s anticipated to be a milder recession than in earlier occasions. From its highest to lowest level, GDP is anticipated to drop 2.9 per cent – a smaller lower than the 6.3 per cent fall seen within the 2008 monetary disaster.