UK Times citing KPMG’s UK Economic Outlook report:

  • UK economy is at significant risk of entering a “mild recession” next year

The report cites soaring inflation takes its toll

  • GDP growth is forecast to more than halve to 3.2% in 2022 (7.4% in 2021)
  • to 0.7% in 2023
  • “The cost of living crisis and rising tax burden have led to a fall in consumer confidence which is set to drag on spending,”
  • “Business investment is expected to be weak next year without government support.”
  • KPMG warned that the risks to its forecast were “skewed to the downside”
UK Truss

UK Foreign Secretary Truss.