"The EY Item Club said it expected the UK economy to flatline in the second and third quarters of this year as a result, leaving the country at risk of recession, defined as two successive quarters of contraction."
"Spiralling energy costs and disruption to supply chains will push the UK to the brink of a technical recession in the middle of this year."
"Growth is projected to halve from 1.4% in 2025 to 0.7% this year, choking off the gathering momentum that had been reflected in February's better-than-expected rise in gross domestic product."
The UK faces significant economic threats, with a potential loss of 250,000 jobs by mid-next year due to the US-Israel war on Iran. Business confidence has declined, leading to reduced spending plans among finance chiefs. The EY Item Club forecasts the UK economy to flatline in the second and third quarters, risking recession. Growth is expected to drop from 1.4% in 2025 to 0.7% this year. Unemployment may rise to 5.8% by mid-2027, exacerbated by rising energy costs and supply chain disruptions.
Read at www.theguardian.com
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