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MNI BRIEF: UK Consumers Near 'Household Recession' - CBI

(MNI) London
(MNI) London

UK business lobby growth sees 2023 growth slowing to 1% and inflation weighs on economy.

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UK growth will be slower than previously expected this year and next as consumers move into a 'household recession, the nation's leading business lobby says Monday. The CBI downgraded its growth outlook for 2022 to 3.7%, with growth in 2023 now seen at just 1%, down from a previously seen 3.0%.

The downgrade has been driven by the sharp pick-up of inflationary pressures, CBI director general Tony Danker told reporters, saying consumers were retrenching and paring back on concessionary spending. However, the CBI said the UK should just avoid a technical recession -- two consecutive quarters of negative growth across the entire economy -- as strong business investment was offering some underpinning.

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UK growth will be slower than previously expected this year and next as consumers move into a 'household recession, the nation's leading business lobby says Monday. The CBI downgraded its growth outlook for 2022 to 3.7%, with growth in 2023 now seen at just 1%, down from a previously seen 3.0%.

The downgrade has been driven by the sharp pick-up of inflationary pressures, CBI director general Tony Danker told reporters, saying consumers were retrenching and paring back on concessionary spending. However, the CBI said the UK should just avoid a technical recession -- two consecutive quarters of negative growth across the entire economy -- as strong business investment was offering some underpinning.

Keep reading...Show less