The UK will fall into a year-long recession in 2023 as the “stagflation” combination of rising inflation, negative growth and plummeting business investment weighs on the economy, according to Britain’s largest business group.
The CBI warned on Monday that gross domestic product would fall by 0.4 per cent in 2023, a downgrade from its previous forecast of 1 per cent growth set in June. It said consumer spending would drop throughout the year as inflation remained above the Bank of England target.
The lobby group gave a particular downbeat forecast on business investment, which it said would start to fall from the middle of next year when an existing “super deduction” tax allowance scheme designed to boost investment came to an end.
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