Are We In A Recession 2024 Uk. The bank of england has warned the uk is facing its longest recession since records began, as it raised interest rates by the most in 33 years. The uk is unusually exposed to the global surge in energy prices and interest rates — with a reliance on gas that is not matched by storage capacity, and a high proportion of mortgage holders.

The uk economy is expected to grow every year until the end of 2026 but will continue to lack momentum. The uk economy exited last year’s technical recession with faster than expected growth of 0.6 per cent for the first quarter of 2024, providing welcome economic news for rishi sunak ahead of.