The economy has already fallen into a “short and shallow” recession, according to the Confederation of British Industry The British economy is on course to shrink 0.4% next year as inflation remains high and companies put investment on hold, the Confederation of Business Industry (CBI) warned on Monday. According to the report, the UK has already fallen into a “short and shallow” recession that will leave business investment 9% below 2019 levels and productivity 2% below its pre-pandemic trend at the end of 2024. Persistent weak productivity and business investment “doesn’t bode well for the country’s potential to
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