The global watchdog said the U.K. economy will be around 1% smaller in both 2022 and 2023 than it forecast in January. It blamed the downgrade on the cost of living crisis and slowing investment as interest rates rise to tackleNo other Group of Seven nation had its outlook lowered across the two years by as much. In 2023, the U.K. is expected to grow more slowly than the rest, just behind France.
“We recognize these forecasts will be concerning for many people and families,” a spokesperson for the department said in a statement. “However, the support we provided over the past two years has put our economy in a good position to deal with these headwinds.”Britain has only just recovered all the output lost in the pandemic but households now face the steepest fall in living standards since the 1950s as inflation outpaces wages and personal taxes rise.
The U.K. was downgraded because “consumption is projected to be weaker than expected as inflation erodes real disposable income, while tighter financial conditions are expected to cool investment.”
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