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Recession and retailers: a ‘cleansing effect’?
UK inflation has hit a new 40-year high as the cost-of-living crisis deepens, and two-thirds of finance leaders are now bracing for a recession. Retail Sector speaks to Deloitte and the BRC about how retailers can survive this volatile climate, and Jollyes shares their own experience of weathering tough times.
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“Incomes are being squeezed, consumption is under pressure, interest rates are rising, and there’s a lot of uncertainty. These are classic ingredients for recession,” says Ian Stewart, Deloitte’s chief economist.
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