UK Faces Gloomiest Economic Outlook in Postwar Period
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The UK is heading for its weakest period of economic growth in the postwar period, with zero growth forecast in 2024 and under 1% growth in the following years.
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This comes at a difficult time as the UK tries to recover from COVID-19, address climate change, and tackle inequality.
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Household finances are being squeezed by high inflation, rising interest rates, and increased taxes, depressing consumer spending.
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Underinvestment in public services like the NHS is also holding back the economy and workforce participation.
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The government has limited time to turn things around before the next election, but is constrained by concerns over public finances and the proximity of the vote.