Will there be a recession in 2022? How to shield your wealth

Will there be a recession in 2022? How to shield your wealth

Pressure is building on households in Britain. The cost of living crisis looms large and low interest rates mean that the value of our money is falling fast. Many people can still feel the lingering effect of the Covid recession of 2020, but so far the British economy has staged a remarkable "V-shaped" recovery. Experts think the country is on track to outpace every other nation in the G7 for the second consecutive year in 2022. But lingering Covid uncertainty means that persistent growth is not a guarantee. A recession can have a devastating impact on people's everyday finances, as a weaker economy usually means that salaries drop and redundancies rise. Telegraph Money explains what a recession is, and how you can protect your money from the negative effects. What is a recession? When a country is running smoothly, the value of the goods and services it produces – its gross domestic product – grows. But during times of an economic downturn, this value falls. A recession is when GDP drops for two three-month periods in a row, and is a sign that the economy is weakening. How likely is a recession in the UK? The British economy is recovering