Home Business News EY: Britain’s economy will grow slower this year

EY: Britain’s economy will grow slower this year

by LLB Reporter
22nd Nov 21 10:39 am

Britain’s economy will grow slower this year and next year than previously hoped, warns the EY Item Club this morning.

The accountancy giant’s research predicts that the ‘tougher’ part of the recovery is upon us, largely due to ongoing supply chain disruption and rising prices dragging back growth.

Martin Beck, the chief economic advisor to the EY ITEM Club, says: “With the boost from reopening the economy now largely passed, the UK was always expected to enter a tougher phase of the recovery.

“Record growth is still forecast, but there are persistent headwinds as we approach the end of the year: pandemic-related policy support is being withdrawn, supply chain disruption and shortages have been more severe than expected, and the scope for catch-up growth has been run down.”

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