UK already in recession, warns Bank of England

The UK is already in recession, the Bank of England warns, and it could be a prolonged one too.

The Bank estimates that the UK entered recession in the third quarter of this year and that this downturn will last until mid-2024.

It warns:
The MPC’s latest projections described a very challenging outlook for the UK economy. It was expected to be in recession for a prolonged period and CPI inflation would remain elevated at over 10% in the near term.

Unemployment is expected to rise too, with the jobless rate seen hitting almost 6.5% by late 2025 – up from just 3.5% at present.

Source: The Guardian