Source: International Business Times
Close to 250,000 people could lose their jobs by mid-2027 as the UK economy teeters on the edge of recession, battered by surging energy costs and shattered supply chains tied to the Iran conflict, according to a report published on Sunday by the EY Item Club. The forecasting group, which uses the Treasury's own model of the British economy, said GDP growth will halve to 0. 7 per cent in 2026, down from 1.
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