Bank of England forecasts recession for British economy next year, with incomes declining by almost 4%

The US economy contracted in both the first and second quarters this year, though the falls were modest, the latest official figures show. No doubt, this will only add to the debate about whether or not the economy is in recession.

We saw another period of big moves across financial markets in recent days, with growing fears of recession the main catalyst.

Financial markets remain very volatile as they are buffeted by the twin forces of slowing global activity and a continued rise in inflationary pressures.

The dollar has soared over the past year, climbing by 17% on a trade-weighted basis against a basket of peers. Higher rates are giving the dollar a distinct advantage over other currencies.

Markets are taking little comfort from positive economic forecasts and look set to remain very volatile

Inflation data for May will unnerve the ECB

The move to remote working and more flexible working arrangements in general have boosted female participation rates

The Eurozone economy is close to stagflation, with inflation of over 6% forecast, but a number of factors support growth

Slowing activity without pushing the economy into recession is hard to do at times of high inflation