Saxo Markets head of macro analysis Christopher Dembik warns there is little to stop the freefall that is already having a huge impact on people’s daily living standards.
Action from the government is the only way to ease the pressures, he claims.
In a recent article that follows “worrying” data on consumer confidence, he said: “We are very pessimistic about the United Kingdom’s outlook, especially.
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“All the statistics tend to indicate the economy will experience negative growth this quarter.
“Consumer confidence has fallen to an all-time low due to the surge in cost of living, retail sales look stagnant in the medium-term and inflation jumped from seven per cent in
March to nine per cent in April.
"Expect it to climb above 10 per cent in the coming months. All the major leading indicators of the UK economy confirms the worst is yet to come”.
He continued: “We think that at least two major developed economies are on the brink of a technical recession this year - the United Kingdom and
“As for change, there is little consumers can do to stop rising energy bills, petrol costs and food prices grasping the nation in a stranglehold – the only way to avoid a recession is probably
through increased government support, for example via energy checks.”