The OECD’s Laurence Boone, right, said the UK faced a killer combination of inflation, rising interest rates and higher taxesBritain will have the slowest growth in the developed world next year, the Organisation for Economic Co-operation and Development (OECD) has warned as it slashes forecasts following the outbreak of war in Ukraine. In its first economic outlook following Russia’s invasion, the OECD forecast that UK growth would fall to zero per cent in 2023, driven by double-digit inflation. SponsoredGrowth will slow to 3.4 per cent this year from a robust expansion of 7.4 per cent in 2021, the Paris-based organisation of wealthy nations said. Falling real household incomes will be the main driver of a slowdown in the economy, combined with fiscal and monetary policies that are turning “restrictive”, it added, as it called on the government to ease the pace of its planned

Source: The Times June 08, 2022 12:50 UTC