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The Guardian - UK
The Guardian - UK
Business
Phillip Inman

A UK recession seems certain – the question is how deep will it be

United Kingdom Recession Inflation ​​Rishi Sunak Economy Bank of England
a woman shops in a supermarket
Grocery prices rose by 5.9% in April. Photograph: Neil Hall/EPA

There is a word for what is about to hit the UK economy and it is stagflation.

The combination of two dreaded terms in the economic lexicon – stagnation and inflation – should send ripples of apprehension and unease through the corridors of the Treasury’s Horse Guards Road offices and the Bank of England’s home on Threadneedle Street.

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