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Monday 28 November 2022 at 6:00 am

The UK economy has become far more volatile than it was three decades ago, a new survey out today has revealed.
According to consultancy BDO, since the global financial crisis in 2008, the economy has grown much slower than in the decade and a half before the disaster.
The firm said Britain had experienced “an almost continuous period of economic growth” in the first 15 years of its “business trends”.
However, the following 15 years were characterized by sluggish production, weak business optimism and rising inflation.
The swing has been fueled by a series of crises that have rocked the UK economy, including the banking shock, the Covid-19 pandemic and Russia’s invasion of Ukraine.
In fact, the latest quarterly reading of nearly 119 is the highest in the survey’s 30-year history.
Prices rose by 11.1 percent over the previous year, affecting the finances of households and businesses.
Experts expect the economy to suffer a nearly year-long recession starting this winter, driven by spending cuts in response to rising prices, meaning another recession is likely, according to BDO’s survey.
Inflation has risen sharply this year, making a recession likely

The Bank of England has also raised interest rates eight times in a row to put more pressure on households and companies to cope with rising prices.
The firm’s employment index is holding up well amid the economic downturn, while official figures show the unemployment rate is running at 3.6 percent, a historic low.
“While it is positive to see the resilience of UK employment levels, as the cost of living crisis continues and the country navigates a period of recession, further declines in employment are likely in the UK, along with further declines in optimism and output. ,” said Kelly Crosthwaite, partner at BDO.
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