UK to ‘Enter Recession Period in months’ adding to Cost of Living Woes
Another grim prediction has been made for the UK economy, which is on the verge of falling into recession.
A new report warns that Britain will soon see stagflation return, the condition that saw Britain being called the "sick man" of Europe in the 1970s.
It warned that a combination of low growth, high unemployment, and rising prices would continue to lower living standards and cause more families to be in financial hardship.
According to the National Institute of Economic and Social Research, a recession is imminent.
The NIESR predicts that gross domestic product will shrink in the second half of the year and the first months of 2023.
Although the think tank stated that the recession could be relatively mild
It warned of an increase in the possibility for a deeper one.