An Ennis-based retail lobby group fears the year-long recession forecast in the United Kingdom could be mirrored in Ireland.
Last week the Bank of England raised it’s interest rates to 1.75%, the single biggest rise in 27 years, in an attempt to offset the impact of a predicted rise in the rate of inflation there to 13%.
Britain’s economy is expected to shrink in the final months of the year and will continue to do so until the end of 2023.
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Managing Director of Retail Excellence Ireland, Duncan Graham warns businesses should prepare for a similar outcome here.
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