The UK economy will enter recession from Q4 2022, - Fitch

Fitch also predicts that UK GDP will shrink by 1% in 2023, although previously the size of the fall was projected at around 0.2%.

The reason: sharp increases in UK interest rates. And also the unwise budget policy of the new prime minister, which led to a record fall of the pound.

Britain's currency has a murky future. A downgrade in GDP growth ratings will lead to a deterioration of the country's credit ratings, which will have a negative impact on capital inflows into the country.