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Economics

Goldman Downgrades UK Growth Outlook After Government Tax U-Turn

  • Analysts at US bank lower their forecasts for BOE rate hikes
  • A ‘more significant recession’ now expected, analysts say

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Analysts at Goldman Sachs Group Inc. have downgraded their growth outlook for the UK, according to a report released Sunday, after Prime Minister Liz Truss removed Kwasi Kwarteng as chancellor and rowed back on canceling an increase in corporation tax.