For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Britain will be the only major economy to plunge into recession this year, performing worse even than sanction-hit Russia , as the cost-of-living crisis knocks UK households hard, the International Monetary Fund (IMF) has warned. The IMF predicts that the UK economy will contract by 0.6% in 2023 against the 0.3% growth it pencilled in last October in yet another major downgrade by the fund. In its latest World Economic Outlook update, the IMF upped its growth outlook for the global economy, but cautioned that Britain looks set to suffer more than most from soaring inflation and higher interest rates. The grim outlook for the year ahead puts the UK far behind its counterparts in the G7 group of advanced nations and the only country, across advanced and major emerging economies, expected by the IMF to suffer a year of declining GDP. Recommended Charity boss speaks out over 'traumatic' encounter with royal aide Ukraine war's heaviest fight rages in east – follow live Even Russia, which is under pressure from a raft of… Read full this story
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