Britain will be the slowest-growing economy in the G7 next year, according to the International Monetary Fund.
In its latest health check on the global economy, the IMF lowered the UK’s projected growth rate from 1% in 2024 to 0.6%. That is worse than recession-hit countries in the eurozone and slower than Russia, which is expected to expand by 1.1%.
Responding to the figures, chancellor Jeremy Hunt said the UK was still on course to grow faster than Germany, Italy and France in the longer term. “We need to deal with inflation and do more to unlock growth, which I will be focusing on in the Autumn Statement,” he said.
