THE UK economy is on track to shrink by 1.3% in 2023 amid a recession which is set to last until the end of next year, according to a new economic forecast.
Economists at KPMG have predicted that the UK has already entered a “shallow but protracted” recession amid continued inflation and higher interest rates.
Yael Selfin, chief economist at KPMG UK, said increases in food and energy costs this year have dragged back households’ spending power.
