High energy prices, elevated inflation, rising interest rates and global economic weakness mean the UK economy is expected to be in recession until the middle of 2023, according to the firm's Autumn Forecast.

Following a forecasted 0.3% decline in GDP (Q3), the UK economy is expected to contract around 0.2% each quarter from Q4 this year through to Q2 2023. This will result in GDP falling 0.3% in 2023 as a whole, a significant revision from the 1% growth forecast in its Summer Forecast.