The updated forecast follows the Labour Party's conference in Liverpool, where Chancellor Rachel Reeves gave a speech aimed at injecting some optimism into the political rhetoric before the Oct. 30 budget.Paul Ellis/AFP via Getty Images

UK’s growth forecast upgraded by OECD – POLITICO

by · POLITICO

The U.K.’s growth forecast was upgraded Wednesday by the Organisation for Economic Cooperation and Development (OECD) in some good news for the new Labour government.

The OECD revised Britain’s GDP growth for this year and next, forecasting it to hit 1.1 percent in 2024, up from 0.4 percent in its previous May projection, and 1.2 percent in 2025. 

U.K. economic growth was described by the OECD as “robust,” with Britain set to rank joint second among G7 countries this year, behind the U.S, although it looks set to be overtaken by the eurozone next year, which is forecast to grow 1.3 percent.