Britain faces recession in all but name as living costs surge

Post-pandemic Britain is on course to underperform every other major leading economy next year

Consumer confidence is already below levels seen in any economic downturn since at least the 1970s, even before the full effects of the fastest inflation in decades kick in.

The history books may not judge it as such, but Britain is sliding into a recession in all but name in 2022.

While statistical quirks, including the presence of an extra bank holiday for the queen’s diamond jubilee, mean that although Britain may avoid two consecutive quarters of contraction, almost every other economic metric is screaming recession.