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The Independent UK
The Independent UK
National
Anna Isaac

Recession forecast explained: What you need to know

Recession Inflation Bank of England Unemployment Economy United Kingdom
Getty/iStock

A recession is coming, according to the Bank of England, and it will be a long one, lasting more than a year.

The economy is not expected to shrink as sharply or as deeply as it did during the financial crisis in 2008, but inflation – the rate of price rises – is set to stay elevated through 2023. This will drive down living standards by the greatest rate on record, according to the central bank.

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