Skip to main content
The Markets by Proactive
Go to Proactive UK
Proactive UK has moved. Proactive’s coverage of London’s small caps continues on proactiveinvestors.com Go there →
Advertisement
The Markets
by Proactive
Proactive UK has moved.
Coverage of London’s small caps continues on proactiveinvestors.com
Go to Proactive UK
The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
Go to Proactive UK
Advertisement
The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
Go to Proactive UK

Archive

UK recession could be much worse than expected, according to forecasters

The UK's recession could be deeper than previously thought, according to leading economic forecasters at the business consultancy EY.

They've warned that the next three years could be worse than they anticipated just three months ago.

The reason for the downgrade is due to reduced government support, higher taxes, and an overall worsening outlook.

EY's Item Club had predicted a 0.3% contraction in gross domestic product (GDP) this year, followed by 2.4% growth next year and a 2.3% rise in 2025.

But in an updated forecast, it now says GDP will drop 0.7% this year, followed by growth of 1.9% and 2.2% over the next two years.

EY's UK chair, Hywel Ball, said the economic outlook has become 'gloomier than forecast' in the autumn, and that the country may already be in one of the most widely anticipated recessions in living memory.

Advertisement
The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
Go to Proactive UK