Britain faces worst recession among G7 partners, economists predict

A grim survey of over 100 leading UK-based economists suggests high inflation may persist longer than in other countries, as Britons face a huge squeeze in household income

Rishi Sunak warned that the UK is facing one of the weakest recoveries (

Image: PA)

Britain faces one of the worst recessions among its G7 partner countries in 2023, economists have predicted.

According to a grim annual survey of 101 leading UK-based economists, high inflation will persist longer than in other countries.

They also suggested the country could face one of the weakest recoveries.

Independent labor market economist John Philpott said, "The 2023 recession will be much worse than the economic impact of the pandemic."

Figures from Consensus Economics, published in the FT, predict the UK economy will shrink by 1% in 2023.

This compares to just 0.1% for the Eurozone as a whole and 0.25% growth in the US.

Chancellor Jeremy Hunt said in November that the OBR had judged the UK was already in recession (

Picture:

Kin Cheung/AP/REX/Shutterstock)

Labour's Shadow Chancellor Rachel Reeves said: 'Further grim warnings about the state of the UK economy. It didn't have to be.

"The Conservatives have destroyed our economy and our public services - and we are all paying the price."

It comes as Britons face a cost of living crisis with rising energy bills and rising food costs eating away at families' budgets.

Speaking in November, Chancellor Jeremy Hunt told MPs the Office for Budget Responsibility believed the UK was already in recession.

At the time, the OBR also predicted that household disposable income would fall in real terms by 7.1% - the biggest drop since records began in 1956.

J...