“The Bank of England has just sent a stark warning to newly-minted Prime Minister Rishi Sunak on Thursday that his term opens with the specter of the longest recession since the 1920s.” Even worse than the five quarters of economic contraction observed in the aftermath of the 2008 financial crisis, adds The Times. In reality, the slowdown would have already started, explains the conservative newspaper, “and it could continue until 2024”, according to the British Central Bank.
Across the Channel, the malaise deepens from week to week, confirms The Guardian. “UK GDP has not always returned to pre-pandemic levelsexplains Larry Elliott, head of the economy department in the left-wing daily. Households are increasing their savings in anticipation of future difficulties. The health service is under extreme pressure with 7 million patients on the waiting list. There is talk of power cuts this winter. The use of food banks is exploding.”