Buy now pay later firm Klarna warns the Uk is heading into a recession and has announced plans to cut 700 staff. Klarna - which allows people to spread the cost of items they are buying, has blamed rising costs, a change in shopper habits and war in Ukraine.
Chief executive Sebastian Siemiatkowski said: "What we are seeing now in the world is not temporary or short-lived, and hence we need to act. When we set our business plans for 2022 in the autumn of last year, it was a very different world than the one we are in today.
"Since then, we have seen a tragic and unnecessary war in Ukraine unfold, a shift in consumer sentiment, a steep increase in inflation, a highly volatile stock market and a likely recession."
