The US bank Goldman Sachs fears that inflation in the UK will climb further, to more than 22 percent next year. In a more moderate scenario, the commercial bank still expects inflation to be around 15 percent in 2023.

As an explanation, reference is made to the sharply rising energy prices. At the same time, Goldman Sachs considers a recession in the UK “inevitable”, even if Boris Johnson’s successor comes with a package of support measures.

In July, British inflation was already at more than 10 percent, the highest level in a quarter of a century.

Analysts at Citigroup also predicted that UK inflation would peak at 18 percent early next year.