UK borrowers may struggle to repay debt as economy worsens, says Santander

Bank puts aside more money to protect itself from potential defaults in expected recession

The impending recession could leave borrowers struggling to repay their debts, the high street bank Santander UK has said as it put aside more cash to protect itself from potential defaults.

The UK arm of the Spanish bank said on Thursday that while the outlook for the British economy remained uncertain, a recession in 2023 was likely.