The International Monetary Fund (IMF) has revised the UK's economic growth forecast for this year upward, citing resilience despite global energy price shocks. However, it warns that growth may slow to 1.2% by 2027 due to increasing energy costs and interest rates impacting household spending and business investment.
Chancellor John Healey is preparing for the upcoming Budget announcement, aiming to provide support for households facing rising costs. The IMF also highlighted the need for advanced economies to manage borrowing levels while addressing the cost of living crisis.
Watch for Chancellor Healey's Budget announcement on October 28, which aims to support households amid rising costs. The focus will be on balancing fiscal responsibility with immediate relief for families facing inflation and energy price hikes.