UK economy to enter recession until summer 2023, analysts say

Britain's economy is expected to shrink around 0.2% each quarter from October through to June next year, economists have warned, according to Report.

This prolonged economic decline will result in a 0.3% fall in gross domestic product for 2023 as a whole, the EY Item Club predicted in its autumn forecast.

A combination of high energy prices, surging inflation, rising interest rates and global economic weakness have driven up the likelihood that the UK economy will face a recession until the middle of next year.

The consulting company earlier predicted a 1% growth in UK's economy by 2023.