A UK recession seems certain – the question is how deep will it be

Analysis: Rising prices, a tight labour market and a falling pound - the economy ticks every warning box

There is a word for what is about to hit the UK economy and it is stagflation.

The combination of two dreaded terms in the economic lexicon - stagnation and inflation - should send ripples of apprehension and unease through the corridors of the Treasury's Horse Guards Road offices and the Bank of England's home on Threadneedle Street.