UK and US poised to fall into recession as interest rates dampen growth

Moody's report shows weak growth across G20 as central banks move to reduce persistent high inflation

Stubbornly high inflation and higher borrowing costs are poised to drive the economies of the UK, Germany and US into recession, the leading rating agency Moody's has warned.

In a downbeat forecast for growth across advanced G20 economies, it said a ramping up of interest rates by central banks on both sides of the Atlantic was expected to weigh on economic growth this year.