Forecast for UK economy downgraded

THE UK's economic forecast has been slashed, amid downgrades for the wider global outlook, as experts warned over a hit to world growth and rising inflation sparked by mounting trade wars.

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The Organisation for Economic Co-operation and Development (OECD) cut its predictions for UK growth to 1.4% in 2025 and 1.2% in 2026, down from 1.7% and 1.3% in its previous predictions.

For the world economy, the OECD said growth would slow from 3.2% in 2024 to 3.1% in 2025 and 3% in 2026, down from 3.3% previously forecast for both years, largely as a result of trade tensions sparked by United States President Donald Trump.