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The National (Scotland)
The National (Scotland)
National
Laura Webster

UK now at ‘significant risk’ of recession, report warns

United Kingdom Recession KPMG Yael Selfin Ukraine
Chancellor of the Exchequer Rishi Sunak (centre) listens as Prime Minister Boris Johnson (left) chairs a Cabinet meeting. Photograph: PA

THE UK is at “significant risk” of heading into a recession due to the mounting cost-of-living crisis and the Ukraine conflict, a new report has warned.

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 tumbling to 0.7% in 2023.

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