The UK economy is set for a deeper recession than previously projected due to high inflation, falling real incomes, rising interest rates and tight fiscal policy, the economic forecasting group EY ITEM Club cautioned on Monday.The economy is expected to shrink 0.7 percent this year, worse than the 0.3 percent contraction forecast in October, the group said in its Winter Forecast.Growth in gross do...
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Business News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.