‘Recession’ is far too mild a term for what the UK is about to face
Westminster, London (PA)
The cake is shrinking. The UK is probably in recession, and, as the Bank of England predicted the other day, the misery will probably last until 2025, the longest such run of contraction in a century. As the new chancellor Jeremy Hunt has warned, the country now faces a “tough road ahead”. That’s putting it lightly.
It is a grim outlook, for living standards, for the public finances and public services – and for hopes that Brexit would unleash a higher trend rate of economic growth.
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