Analysts downgrades the UK’s growth outlook and expect a more significant recession. This has happened after Prime Minister Liz Truss removed Kwasi Kwarteng as chancellor
Economy analysts have downgraded Britain’s economic outlook and unfroze the corporation tax, reported a media house on 16 October. This has happened after Prime Minister Liz Truss removed Kwasi Kwarteng as chancellor.
As per the reports, the analysts talked about consolidating weaker growth momentum, significantly compact financial conditions, and the skyrocketed corporation tax from coming April.
Downgrading the UK’s growth outlook further, they expect a more significant recession.
Analysts revised UK’s 2023 economic output forecast to a 1 per cent contraction as compared to the previous forecast 0.4 per cent output which went down from 3.3 percent.
On 14 October, Prime Minister Truss said that Britain will continue with corporation tax hike to 25 per cent next year. This was making a U-turn on a pledge to freeze it at 19 per cent, according to media reports.