Posted 10/16/2023, 4:36:01 PM
UK growth forecasts cut for 2024 as higher rates take toll, but 2023 outlook improves
- Britain's economy to grow less than expected in 2024 due to higher interest rates, economists warn
- EY cuts 2024 GDP forecast from 0.8% to 0.7%, blames Bank of England rate hikes and weak labor market
- But upgrades 2023 GDP growth forecast from 0.4% to 0.6% as economy exceeds expectations so far
- EY Debt costs biggest headwind next 12 months, consequences for businesses and consumers
- Inflation forecast to fall faster than expected, hit BoE 2% target in 2H 2024
