CBI severely downgrades UK growth forecast

Contraction of 0.4% in 2023

Britain’s economy will contract by 0.4% next year, according to the Confederation of British Industry, a “significant downgrade” on June’s estimate of a 1% rise in GDP.

The business lobby group called on the prime minister and chancellor to "use levers of growth to ensure this downturn is as short and shallow as possible", The Times reported. "Stagflation" - the combination of rising inflation, negative growth and plummeting business investment - will plunge the UK into a year-long recession in 2023, according to the group. OBR confirms UK recession and weakest public finances 'for many decades' Business investment will be particularly hard hit, according to a separate report in the Financial Times. The CBI said it said would start to fall ...