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CORPORATE CONFIDENCE Business confidence has fallen to a 15 month low as soaring inflation and the associated cost-of-living squeeze pile the pressure on bosses. Corporate sentiment dropped this month to its lowest point since March 2021, when the UK economy was emerging from a second wave of Covid 19, according to a long running monthly survey by Lloyds Banking Group.
CONSUMER CONFIDENCE Consumer confidence is in freefall as the cost of living crisis bites, with a closely watched measure dropping to a near-record low this month. Confidence as measured on the monthly barometer by GfK fell seven points to -38., with consumers expressing more concern about the outlook for the wider economy than they did in the aftermath of the 2008 financial crash. The lowest score since the index began in 1974 was -39 in July 2008 at the peak of the financial crisis.
INFLATION Spiraling inflation is a clear and present danger to the world economy, the International Monetary Fund warned as it cut its global GDP growth forecasts in the wake of the Russian invasion of Ukriane. In its latest World Economic Outlook, the IMF cut its expectations for global growth to 3.6% this year, from a January forecast of 4.4%. The UKs growth estimate fell to 3.7% this year and 1.2% next year.