According to the OECD, gross domestic product will increase by 0.4 per cent in 2024, a lower expansion than in any other G7 economy apart from Germany, before growing by 1 per cent in 2025.
The UK economy is in such dire straits that it’s on course for ‘sluggish’ growth that will lag behind most of its G7 peers.
According to the OECD, gross domestic product will increase by 0.4 per cent in 2024, a lower expansion than in any other G7 economy apart from Germany, before growing by 1 per cent in 2025.
The Tories have always prided themselves as being the party of ‘sound finances’, with Rishi Sunak staking his political future on improving the state of the economy ahead of a general election.
Yet the latest prediction from the OECD will cause yet more headache for the Tory leader and shows just how badly the Tories have managed the country’s finances.
The Conservatives have presided over the worst two periods for economic growth since the 1920s, as well as the biggest fall in living standards since records began, according to the OBR.
Inflation will run at 2.7 per cent this year, the highest of any country in the G7. It comes as the OECD cut this year’s growth forecast for the British economy to 0.4% from the 0.7% it predicted in February. Only Germany is expected to perform worse among G7 advanced economies, which also include Canada, France, Italy, Japan and the United States.
Basit Mahmood is editor of Left Foot Forward
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