Those were the words of Suren Thiru, economics director of the Institute of Chartered Accountants in England and Wales, in an Aug. 14 interview with Reuters. Thiru was responding to official reports that the U.K. economy contracted in the three months to June, dropping 0.1%, and that soaring inflation was slowing spending activity. “The U.K. economy is sliding closer to recession and the worst is yet to come,” Thiru stated.