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Old 03-08-2016, 09:43 AM
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UK ‘has 50% chance of slipping into recession within 18 months'
NIESR calls for interest rate cut and QE as it warns of 320,000 job losses in latest grim assessment of shrinking economy

The Bank of England needs to use a sledgehammer to combat a severe economic downturn caused by the vote to leave the EU, one of Britain’s most respected thinktanks has warned.

In a grim assessment of the UK economy after the vote for Brexit, the National Institute of Economic and Social Research (NIESR) said 320,000 jobs would be lost by the third quarter of next year and warned that the economy had a 50% chance of slipping into recession in the next 18 months.

Inflation would increase to more than 3% for the first time in five years in late 2017 as the weak pound pushes up the price of imports and the government would be forced to borrow an extra 47bn in the next four years, NIESR said on Wednesday.
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