UK Faces “Deep Recession” As Inflation Hits 40-Year High

The UK could be hurtling toward a “deep recession” caused by a mixture of political turmoil and soaring prices forcing the Bank of England to hike interest rates steeply, a closely watched survey out today reveals. Britain’s private sector economy shrank sharply this month, with contraction rates returning to levels last seen in January 2021 when the country was in the teeth of the longest Covid-19 lockdown. The S&P Global and Chartered Institute for Procurement and Supply’s (CIPS) composite flash purchasing managers’…