Posted 1/23/2024, 12:26:24 PM
UK economy at 'turning point' with growth and incomes set to rebound in 2024
- UK household incomes expected to improve significantly in 2024, marking a "turning point" for the economy
- Growth outlook for 2024 revised up from 0.7% to 0.9% GDP
- Falling inflation and potential tax cuts suggest the UK is at an economic "turning point"
- But 2023 GDP growth forecast cut from 0.6% to 0.3% amid recession fears
- Household incomes set to increase as inflation falls to 2% target by May