OECD Predicts UK Economic Growth Will Slow Next Year
The Organisation for Economic Co-operation and Development (OECD) has released new forecasts indicating that UK economic growth will slow next year. This comes as a blow to Andy Burnham's fiscal ambitions, with expectations of weaker growth than the 1.4% reported last year.
The OECD predicts that UK economic growth will dip slightly next year, from an initial forecast of 1.1% in June to 1%, due to moderating global growth and recent increases in energy prices and 'higher policy rates'.
UK inflation is expected to be below previous forecasts this year but will take longer than expected to fall back to target levels, according to the OECD. In comparison, global economic growth is forecast to reach 3% in 2027, down from the previously estimated 3.1%.