Recession to be more than twice as bad as first feared, forecasters warn

The News Craving

By Jack Barnett The much touted coming recession in Britain will be twice as bad as first feared, new forecasts out today reveal. Soaring prices coupled with the Bank of England’s efforts to tame them are set to deal a heavier blow to GDP than projected just a few months ago. According to the EY Item Club, the economy will shrink 0.7 per cent this year, worse than the 0.3 per cent the organisation forecast in October. The cumulative lost GDP will be about the same amount shed during the recession in the early 1990s that saw house prices collapse and the UK crash out of the European Exchange Ra…

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