More alarm bells were sounded over the state of the UK economy this morning after major investment bank Citi warned inflation could grow to as high as 18.6% next year.
In a report, Citi chief UK economist Benjamin Nabarro said: “In light of recent developments, we have updated our inflation profiles inside. We now expect CPI and RPI inflation to breach 18% and 21% respectively in Q1-23.”
Meanwhile, Cineworld today confirmed Chapter 11 bankruptcy protection in the United States is among its options amid efforts to restructure debts of nearly $5 billion (£4.2 billion).
In response to speculation that sent its shares as much as 80% lower on Friday, the world's second largest cinema chain said the discussions with lenders would result in the “very significant dilution” of existing shareholdings.
