The UK is at “significant risk” of heading into a recession, due to the mounting cost-of-living crisis and the Ukraine conflict.
The latest UK economic outlook from KPMG predicts that growth will more than halve to 3.2% this year from 7.4% in 2021, before falling to 0.7% in 2023.
Global growth is being hampered by the ongoing Ukraine war and lockdowns in China, which have affected commodity prices and restricted supply, while in the UK, the knock-on effect on prices is set to see a sharp drop in household and business spending.
