:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/bloomberglinea/EXTER773AZBS3POBHSRGOUFL74.jpg "The UK economy is already in recession, say British business groups")
England has been through recession and inflation will reach 14% by the end of 2022, according to estimates by the British Chamber of Commerce that puts more pressure on the country’s future prime minister to act quickly and avoid further economic crisis.
The UK economy will continueu Second quarter contraction with two more periods of decline before seeing a slight rebound of just 0.2% in 2023predictions of business lobby groups.
Meanwhile, inflation will reach 14% by the end of the year, according to BCC, and will be 5% by the end of 2023.
Weak prospects caused by higher energy costs and lower household spending and real wages, and lower export forecasts, poor investment conditions, and weak business confidencel, describes the grouping.
While the forecasts are less dramatic than those released in recent days, the warning contains a strong plea on behalf of the UK for urgent action.
“Time is running out fast,” said Alex Veitch, Director of Policy at BCC. “Governments must step up and do whatever it takes to protect businesses, livelihoods and jobs. Existing extreme inflationary pressures are likely to increase as we approach Christmas.”
Read more at Bloomberg.com
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