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Brits told to brace for recession ...News
Goldman Sachs sharply cuts UK growth forecasts Goldman Sachs economists expect a recession in the UK to begin later in the year, as record-high inflation hitting household incomes is dragging consumption down. Strategists expect Britain’s economic decline to begin in the fourth quarter of the current year, and project the nation’s GDP to contract by 0.6% in 2023, a sharp turnaround from the bank's previous estimate, where it predicted an expansion of 1.1%. In August, UK consumer confidence dropped to record lows. In the previous month, consumer price inflation in the country surged to 10.1% per annum, smashing a 4
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