The occupier brief Q4 2022 – Q1 2023

The start of the year was filled with optimism and high hopes for a strong recovery as the United Kingdom finally emerged from the pandemic, but early optimism was soon replaced by gathering gloom as inflation forecasts rose, driven by Russia’s war with Ukraine, resulting in businesses and consumers reining in spending to ride out the storm. The UK economy is now officially in recession as rising interest rates and high inflation curb household spending and business investment.