City of London bosses have warned that the UK faces a damaging recession later this year and raised fears that managers lacked experience in dealing with severe economic shocks.
The FT’s City Network, a forum of more than 50 senior executives from finance, business and policymaking, said that policymakers faced difficult decisions on how to mitigate the worst effects of an economic downturn.
“It’s not pretty,” said Amanda Blanc, chief executive of Aviva, the insurer. “The risk of a recession looks real . . . Even if we miss a technical recession, we see a weak outlook for growth. Stagnation is a clear possibility.”
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