The EY Item Club’s hotter summer forecast was “a significant upgrade” it said, compared with its last update in spring.
It now expects growth of 1.1% for 2024, up from the 0.7% predicted in April.
Hywel Ball, EY’s UK chair, said: “The UK’s economic recovery is under way,” adding: “With inflation predicted to remain relatively stable and consumer spending set to climb, growth should continue … but it’s expected to be more steady than spectacular”
There was also renewed hope for borrowers, who have been dealing with the impact of the 16-year high on Bank of England interest rates at 5.25%, which sets the cost of millions of mortgages and other variable-rate loans and has been in place since August 2023.
Today’s forecast predicted that the BoE would be able to cut rates to 4.75% by the end of the year.
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