Goldman slashes British growth forecast, predicts Q4 recession

Economists at Goldman Sachs have sharply cut British growth forecasts and expect a recession to begin later in the year, as the impact of surging inflation on households' disposable incomes hits consumption.

Goldman expects the recession to begin in the fourth quarter of 2022, and forecast the economy will contract by 0.6% in 2023.

British energy bills will jump 80% to an average of 3,549 pounds ($4,188) a year from October, the regulator said on Friday, the latest example of what politicans have called a "cost-of-living crisis"