UK Times citing KPMG’s UK Economic Outlook report:
- UK economy is at significant risk of entering a “mild recession” next year
The report cites soaring inflation takes its toll
- GDP growth is forecast to more than halve to 3.2% in 2022 (7.4% in 2021)
- to 0.7% in 2023
- “The cost of living crisis and rising tax burden have led to a fall in consumer confidence which is set to drag on spending,”
- “Business investment is expected to be weak next year without government support.”
- KPMG warned that the risks to its forecast were “skewed to the downside”
UK Foreign Secretary Truss.
