UK Economists See Growing Recession Risk With Jump in Inflation

Economists are growing increasingly pessimistic about the UK, with the risk of a recession now seen as far more likely than not and interest rates expected to go higher than previously thought. That’s according to the latest Bloomberg survey, which was carried out in the days after the Bank of England unleashed its biggest interest-rate hike in 27 years and warned of almost two years without a quarter of growth because of the cost-of-living crisis. The half-point rate rise announced on Aug. 4 is expected to be followed by a similar increase in September as policy makers battle double-digit inflation, according to …