UK economy predicted to be weak till 2024 despite Truss growth agenda

British Chambers of Commerce says up to four in 10 firms expect profitability to fall in the next 12 months. Photograph: Andy Rain/EPA

Britain’s economy is expected to take until 2024 to recover to pre-Covid levels amid a slowdown for hiring and business investment, as households and businesses struggle with soaring costs.

Business leaders have said that there has been a significant decline of key economic indicators in recent weeks, with confidence among company bosses over the growth outlook collapsing to the lowest level since the depths of the Covid crisis.