The UK economy may be paying for Brexit for a long time to come. 

London’s housing market is beginning to show “bubble-like conditions” as overseas investors bid up prices and buyers take on more debt to purchase properties, according to a report by the EY Item Club.

British finance minister George Osborne vowed not to “run away” from Britain’s economic woes last night amid fresh signs Britain is heading for an unprecedented triple dip recession.

Britain’s economy may have entered a mild recession in the last three months of 2011, hampering growth and raising the chance that the Bank of England will inject more cash soon.

The UK’s best growth in nearly a decade was overshadowed tonight by the growing threat of a double-dip recession in the US.