BRITS face the biggest squeeze on their finances since the 1950s, the country’s leading business group warns today.
The CBI also says Britain is on the brink of recession — and urges Boris Johnson to get on a Covid-style war footing.
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In a grim assessment, it predicts inflation will hit 8.9 per cent, seeing real household disposable income falling 2.3 per cent by Christmas.
The CBI is also downgrading growth forecasts to 3.7 per cent this year and a meagre one per cent next year.
Director general Tony Danker said: “We’ve had weeks of politicking with the country standing on the brink of gridlock.
“We need to act now to install confidence.”
He said the Mr Johnson and Chancellor Rishi Sunak should hold weekly Cobra meetings to plot a way out of economic ruin.
Mr Danker said: “Times are tough for businesses dealing with rising costs, and for people on lower incomes concerned about paying bills and putting food on the table.”
He added taxes on businesses that invest should be cut, he said.
