2023 to be tougher than last year for most of world economy as US, EU, China slow down, says Kristalina Georgieva

The global economy is slowing down and growth may completely stall next year, both institutions claim

GBP/USD rate falls below 1.12 for first time since January 1985

The latest snapshot from S&P Global and the Chartered Institute of Procurement and Supply (Cips) revealed a “severe and accelerated” decline in manufacturing output in August, alongside weaker activity in the UK’s dominant service sector.