After narrowly avoiding a recession so far this year, and with the likes of the IMF and the BOE no longer forecasting a recession in the UK this year, GBP bulls were dealt a fresh blow this morning. The National Institute of Social and Economic Research (NIESR) has warned in a new report today that the UK faces a more than 60% likelihood of recession next year as a result of BOE tightening. Additionally, the group warns that the UK is at risk of suffering five “lost” years of economic growth as a result of COVID, Brexit and the conflict between Russia and Ukraine. The group warned that housing and food costs were ... (full story)