UK Faces Short Recession
The U.K could face the possibility of falling into a recession as Brexit hits house prices, jobs and spending. EY Item Club is estimating its 2017 growth estimate to fall to 0.4% from the projected 2.6%. It has also predicted the Bank of England to cut interest rates to zero by the end of 2016.
“The U.K could face the possibility of falling into a recession as Brexit hits house prices, jobs and spending.”
Larry Fink, the boss of Blackrock also believes that UK is likely to fall into a brief recession following the Brexit referendum. He believes that economic growth will slow by around 2% points to between 0.5% and -0.5%. A recession is defined as two consecutive quarters of negative growth.
About EY ITEM Club
ITEM stands for Independent Treasury Economic Model. The EY ITEM club is economic forecasting group based in the United Kingdom. It prouces quarterly economic UK forecasts, which are often mentioned in the UK news media. It was founded in 1977 and is sponsored by EY (Ernst & Young), a leading firm of business and financial advisers with some 212,000 staff in around 150 countries.
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