2023 is expected to be an exceptionally tough year for the UK economy. The country is almost certainly already in a year-long recession, one that will probably prove to be deeper than that experienced in the early 1990s. The squeeze on real household incomes will intensify as rising interest rates join soaring inflation. Admittedly, the Government’s austerity measures won’t harm growth in the short term, according to Thomas Pugh, economist at RSM UK. “Most of the pain has been delayed until after the next General Election. But…
