UK headed for longest recession in century, says Bank of England

Recession could last well into 2024, says central bank as interest rates hiked

The UK could be facing the longest period of recession since reliable records began a century ago, the Bank of England has warned.

The economy could fall into eight consecutive quarters of negative growth if current market expectations prove correct – with growth only coming back in the middle of 2024.

However, it is expected to be a milder recession than in previous times. From its highest to lowest point, GDP is expected to drop 2.9 per cent – a smaller decrease than the 6.3 per cent fall seen in the 2008 financial crisis.