The UK could be facing a period of economic recession in the coming months according to a new report.
The economy will enter intro reverse growth in the second half of the year, a report has warned
A combination of slow growth, high unemployment and rising prices will continue to dent living standards and plunge more families into hardship, it warned. Overall, growth will be at 3.5% for this year when increases in the first half are taken into account but the rate will hover just above flatlining by the end of 2023, it warned.
The report found that inflation will peak at around 11% in the last three months of this year but will fall back to 3% by the end of 2023. The report called on the next prime minister to increase universal credit payments by £25 per week for at least six months from October, which would cost around £1.4 billion, and also to increase energy bill relief payments from £400 to £600 for 11 million low-income households, costing £2.2 billion.
Belgique Dernières Nouvelles, Belgique Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Love Island stars land back in the UK amid emotional family reunionsITV has also announced there will be two series of Love Island in 2023.
Lire la suite »
M&S stops selling disposable barbecues across UKThe supermarket says the move is due to 'unusually hot and dry conditions'.
Lire la suite »
UBS: UK Gas Crisis Set To Plunge British Pound To Historic Lows | OilPrice.comThe British pound is expected to plunge to a historically low level versus the U.S. dollar in the fourth quarter of this year, when the energy and gas crisis in the UK will worsen
Lire la suite »
'The People's Princess' Ekin-Su lands back in UK after Love Island winWe can call her one of Preston's finest, right? All the latest on Ekin Su courtesy of LancsLive Love Island correspondent becklockwood7
Lire la suite »