UK Set to Be Slowest-Growing G7 Economy in 2025, OECD Reports

The Organisation for Economic Co-operation and Development predicts the UK's GDP growth will lag behind other major developed economies due to high taxes and interest rates.

OECD forecasts UK GDP growth at 0.4% for 2024 and 1% for 2025, marking it as the slowest among G7 nations.
High taxes, interest rates, and increased welfare spending are cited as key factors restraining economic growth.
Despite global economic recovery signs, the UK's outlook remains bleak with potential challenges for future government spending.
OECD suggests further supply-side reforms and cautious fiscal management to improve the UK's economic prospects.
Chancellor Jeremy Hunt emphasizes the importance of maintaining competitive taxes and welfare reform to spur growth.