The UK will be hit by the highest inflation in the G7 this year as the country absorbs the impact of higher payroll taxes, an increase in the minimum wage and rises in regulated prices, OECD forecasts have shown.
Consumer prices will rise 3.5 per cent in 2025, up from 2.5 per cent last year, and remain well above the Bank of England’s 2 per cent target in 2026, the Paris-based organisation said on Tuesday.
It also predicted UK growth of 1.4 per cent this year, up from 1.1 per cent last year, the second fastest after the US among G7 countries. But next year’s 1 per cent pace will put the UK behind the US, Canada and Germany.
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