A report has warned the UK is set to enter a recession which will hit millions of the most vulnerable households up and down the UK. The report, from the National Institute of Economic and Social Research (NIESR), warned of a “three-quarter technical recession, but a relatively shallow one”. It also said the threat of stagflation, a nightmare of economists, has returned for the first time since the 1970s. The rising cost of living will be affecting 2.5 million households, seeing people use their savings to afford to live. This means that by 2024, one in five UK households will have no savings.

Source: The Star August 03, 2022 13:43 UTC