Banking

The UK is likely to enter a deeper recession than previously expected next year, while interest rates and inflation will be lower than forecast, according to revised analysis from Goldman Sachs.The US investment bank downgraded its outlook for Britain, in analysis released on Sunday, forecasting the UK economy would shrink by 1% next year, down from its previous estimate for a 0.4% contraction.Goldman Sachs said that the increase in corporation tax to 25% in April – after Truss U-turned on one of her key Conservative leadership campaign commitments – was...