In 2023, the UK will face the worst recession in the economy compared to other G7 countries. It has been reported Finance Times with reference to economists.
The publication states that the inflationary shock caused by the epidemic and the special military operation in Ukraine will continue for longer in the UK than in other countries.
Experts interviewed by the publication believe this will force the Bank of England to maintain high interest rates and force the country’s government to “follow a tighter fiscal policy”.
The UK will face one of the worst recessions and weakest recovery in the G7 next year, as households pay a heavy price for miscalculations in government policy.
It was previously known that last year was tough for the UK retail industry, daily closed average 47 stores.
In 2022, 17,145 stores were closed across the country, up nearly 50% from the previous year’s figure of 11,449. At the same time, 5,500 stores went bankrupt and 11,600 stores were closed due to the retail chains’ decision to cut costs.