UK borrowers may struggle to repay debt as economy worsens, says Santander

Rising prices would eat away at disposable income, making it harder for people to repay debt, Santander said. Photograph: Artur Widak/NurPhoto/Rex/Shutterstock

The impending recession could leave borrowers struggling to repay their debts, the high street bank Santander UK has said as it put aside more cash to protect itself from potential defaults.

The UK arm of the Spanish bank said on Thursday that while the outlook for the British economy remained uncertain, a recession in 2023 was likely.