The outgoing president of the CBI, Lord Bilimoria, has warned that Britain is “definitely” heading into recession, as inflation surges to a new 40-year high on the back of the worst industrial strife for decades.
Higher prices have seen unions demand larger pay rises for their members and, this week, we are seeing the biggest rail strikes since the 1980s.
The crunch is not contained to the UK, with Jerome Powell, chairman of the US Federal Reserve, conceding that a recession is also “a possibility” in the world’s largest economy.
