Article

The OECD forecasts UK inflation to reach 6.9% in 2023, one of the highest rates among developed nations, while projecting modest economic growth of 0.3% this year and 1% in 2024. The report warns of significant risks, including high public debt interest rates and the UK's vulnerability to energy price fluctuations due to its reliance on natural gas. Chancellor Jeremy Hunt supports potential interest rate hikes by the Bank of England to combat inflation, despite the risk of recession, while emphasizing government initiatives to stimulate growth and investment.