Overview

• 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.