UK economy in ‘horrible bind’ as recession looms with no room for tax cuts, say experts

PA Wire

The UK economy is in a “horrible fiscal bind” as it heads for recession with no room to cut taxes or increase public spending to offer a boost, an influential group of economists has said.

The Institute for Fiscal Studies (IFS) warned that Britain will slump into a “moderate” recession in the first half of 2024, as the struggle for growth remains while borrowing costs stay elevated.