Economists say the UK is expected to hit recession this year and shrink during the first half before returning to growth during the summer
Faced with a worsening situation, less Government support and higher taxes, economists working for consultancy EY said they thought each of the next three years could be worseThree months ago, EY’s Item Club had predicted a 0.3 per cent contraction in gross domestic product this year, followed by 2.4 per cent growth next year and a 2.3 per cent rise in 2025.
Hywel Ball, UK chair of EY, said: “The UK’s economic outlook has become gloomier than forecast in the autumn, and the UK may already be in what has been one of the most widely anticipated recessions in living memory.”
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