Bloomberg (gated) with the info from the British Chambers of Commerce (BCC):
- says the UK is already in the midst of a recession
- BCC expects the UK economy to contract for 2 more quarterly periods following the contraction in Q2
- sees inflation to reach 14% later this year
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Can't say this is a surprise. The UK has been slammed very, very hard by the energy crisis.
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Cable update:
