The U.K. is facing the highest risk of recession since the financial crisis due to Brexit uncertainty and a global economic slowdown, a new study has warned.
The ominous assessment of the nation's economic health, published by think tank the Resolution Foundation, suggested urgent plans are needed in order to mitigate the impact of the next downturn, with many of the Bank of England's monetary policy cards already played.to assess the threat from a recession, projects that Britain's recession risk has now reached its highest level since 2007.
Britain experiences technical recessions, in which output contracts for two consecutive quarters, roughly once a decade. However, the combination of global trade and domestic political pressures mean that the avoidance of mass job losses and socio-economic detriment which accompanied the last downturn may not be as attainable.
There is some evidence to suggest that the U.K. economy may already be contracting, as manufacturers in June had their worst month in more than six years and consumer borrowing increased at its slowest pace since 2014. The overall purchasing managers' index for June fell to 14.0, well below the average forecast in a Reuters poll, and its lowest since February 2013.The U.K.
, the frontrunner to replace Prime Minister Theresa May, has vowed to leave the EU on Halloween with or without a deal in place, a move widely anticipated to be profoundly damaging for the British economy.
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