The possibility of the UK sinking into a recession over the next year or two has increased amid soaring inflation, a leading investment banking company has warned.

The price of Britain's cheapest brands of pasta and bread have increased sharply over the past year, new data shows.

Tens of thousands of civil servants in the UK are set to be laid off by the government in order to save money, a senior minster says.

Britain's economy is teetering on the brink of recession amid soaring inflation, a leading statistical body warns.

The British government has admitted its inability to help people overcome the current cost-of-living crisis, saying it has to be prudent with its spending to avoid getting stuck in the inflationary spiral.

Nearly a quarter of people in the UK say they are struggling to pay household bills even before the new hike in regulated energy prices takes effect, an official survey from a leading body reveals.

UK inflation has hit nearly 30-year high of 5.5%, new data shows, as cost of living squeeze tightens in the country.